Verizon’s outgoing CEO, Hans Vestberg, will serve as a Special Advisor through October, while Schulman will take over as the CEO effective immediately.
Verizon Communications Inc. (VZ) on Monday appointed Dan Schulman as its new CEO, effective immediately. Schulman will succeed Hans Vestberg.
Schulman, a former CEO of PayPal Holdings Inc. (PYPL), helped the payments provider grow its revenue from $8 billion to $30 billion, according to Verizon’s announcement.
Vestberg will serve as a Special Advisor to Verizon through Oct. 4, 2026, to facilitate the leadership transition and support the integration with Frontier Communications, which is expected to close in the first quarter of 2026, the company added.
Verizon’s shares were down 2% in Monday’s opening trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory.
“Dan is a seasoned and decisive leader with a unique set of experiences and a proven record of transformative leadership and operational excellence. He is the right leader to chart Verizon’s next phase of increased customer focus and financial growth,” said Verizon Board Chair Mark Bertolini.
The carrier also reiterated its fiscal year 2025 guidance and stated that it will report its third-quarter (Q3) results on October 29.
Verizon is also the second major U.S. telecom carrier to announce a CEO transition. In September, T-Mobile US Inc. (TMUS) announced that CEO Mike Sievert would become the company’s vice chairman, while Chief Operating Officer Srini Gopalan would succeed him.
Verizon acquired Frontier in September 2024 in a deal valued at $20 billion to boost its high-speed internet business. The deal was approved by the Federal Communications Commission (FCC) in May.
VZ stock is up 7% year-to-date, but down 3% over the past 12 months.
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