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Verizon Communications named Chief Technology Officer and former Ericsson boss Hans Vestberg as its new Chief Executive on Friday, saying he will replace current CEO Lowell McAdam on August 1.

McAdam, 64, plans to retire at the end of the year and will serve as executive chairman of the board until then and then become non-executive chairman, the company said in a statement.

To read more about Verizon’s new top boss, click here.

In other news:

A Facebook bug accidentally set users’ posts to be public by default, even if they were intended to be private. As many as 14 million users were affected by the bug and had their posts made public incorrectly.

Facebook’s confession about a bug that affected 14 million people signals a seismic shift inside the company. It signals a change of approach following the humbling Cambridge Analytica scandal.

Speaking of Facebook, the company is looking to hire a pair of contractors as “news credibility specialists” to create a list of credible news organisations.That list could be used for various features on the site, from the newsfeed to its advertising system.

Ad-supported TV streaming has reached ‘an inflection point’ – and it has huge implications for the TV business.The ad tech firm SpotX predicts connected TV ad spending will approach $US1 billion globally by 2020, which is providing a glimmer a hope for TV advertisers who are worried about evaporating live TV ratings.

WPP Chairman Roberto Quarta said there are “no sacred cows” and that underperforming agencies will be merged or put up for sale in an interview with The Wall Street Journal. Quarta is pushing for an overhaul of the advertising holding company in a post-Sorrell era.

Speaking of WPP, former JWT Global Chief Executive Gustavo Martinez has left WPP two months after the company settled a suit brought by the creative agency’s former chief communications officer Erin Johnson, Campaign reports.Martinez is alleged to have made sexist and racist comments.

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