Verizon’s CEO is retiring and will be succeeded by its current chief technology officer, who is the former CEO of Ericsson.

Lowell McAdam, who served as Verizon’s CEO for seven years, will remain as its chairman through year’s end and become a non-executive chairman after that time, the New York company said in a regulatory filing on Friday.

Hans Vestberg served as Ericsson’s CEO from 2010 through 2016. He joined Verizon as its CTO and president of global networks in April 2017.

The 52-year-old Vestberg will take over as Verizon CEO on Aug. 1.

Shares of Verizon Communications Inc. fell slightly in premarket trading.