Verizon names former PayPal CEO Dan Schulman as new CEO

Investing.com -- Verizon Communications Inc (NYSE:VZ) stock gained 0.7% after the telecommunications giant announced the immediate appointment of Dan Schulman as its new Chief Executive Officer, replacing Hans Vestberg who will transition to a Special Advisor role.

Schulman, Verizon’s Independent Lead Director and former CEO of PayPal, brings extensive experience in telecommunications and technology, having previously held senior leadership positions at AT&T, Priceline, Virgin Mobile, and American Express.

During his tenure at PayPal, he tripled revenue from $8 billion to $30 billion and grew earnings per share five-fold.

The leadership change comes at what the company describes as a "critical juncture," with Verizon preparing to integrate Frontier Communications following its pending $20 billion acquisition, which is expected to close in the first quarter of 2026.

Vestberg will remain as Special Advisor through October 2026 to assist with the transition and will continue serving on the Board of Directors until the 2026 Annual Meeting.

"We are going to maximize our value propositions, reduce our cost to serve, and optimize our capital allocation to delight our customers, and deliver sustainable long-term growth for our shareholders," Schulman stated in the announcement.

In connection with the leadership change, Mark Bertolini has been appointed Chairman of Verizon’s Board of Directors.

The company also reaffirmed its full-year 2025 financial guidance and announced it will report third quarter 2025 earnings on October 29.

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