Verizon Communications Inc (NYSE:VZ, ETR:BAC) announced a leadership change on Monday, appointing Dan Schulman, the former CEO of PayPal and current independent lead director of Verizon’s board, as its new chief executive officer.
Hans Vestberg, who has led Verizon since 2018, will remain with the company as a special advisor through October 4, 2026, to assist with the integration of Frontier Communications, a $20 billion acquisition expected to close in early 2026.
According to Verizon, Schulman brings extensive experience in telecommunications, technology, and finance. At PayPal, he led the company’s transformation into a global payments platform, growing revenue from $8 billion to $30 billion and expanding the user base significantly.
“Verizon is at a critical juncture. We have a clear opportunity to redefine our trajectory, by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics,” Schulman said in a statement.
The company also reiterated its previously provided guidance for full-year 2025 and is scheduled to report third quarter earnings on October 29, 2025.
Following the announcement, Verizon shares traded down 4.2% at about $42.