NEW YORK CITY (dpa-AFX) - Verizon Communications Inc. (VZ) announced Monday that its Board of Directors has appointed Independent Lead Director and former Chief Executive Officer of PayPal Holdings Inc. Dan Schulman as Chief Executive Officer, effective immediately.
Schulman succeeds Hans Vestberg, who has served as CEO since 2018 and Chairman since 2019. Mark Bertolini has been elected to succeed Vestberg as Chairman of the Verizon Board of Directors.
Vestberg will now serve as Special Advisor through October 4, 2026, during which time he will be focused on ensuring a smooth transition including the integration with Frontier Communications, which is expected to close in the first quarter of 2026. Vestberg will also remain on the Board of Directors until the 2026 Annual Meeting.
Schulman most recently served as the CEO of PayPal Holdings, Inc. During his career, Schulman has held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express, driving significant change and growth. Schulman has also served on the Verizon Board of directors since 2018 and was elected Lead Independent Director in December 2024.
In connection with the announcement, Verizon reiterated it's previously provided financial guidance for full-year 2025.
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