Verizon Communications Inc. (NYSE:VZ) announced on Monday the appointment of Dan Schulman as its new chief executive officer, effective immediately, succeeding Hans Vestberg, who has led the company for the past eight years.
Schulman, best known for his tenure as CEO of PayPal Holdings Inc., has served on Verizon’s board of directors since 2018 and was named Lead Independent Director in December 2024. In conjunction with the leadership change, Mark Bertolini has been appointed Chairman of Verizon’s Board of Directors.
Vestberg will stay on as Special Advisor through October 4, 2026, assisting with the leadership transition and the integration of Frontier Communications, a deal expected to close in the first quarter of 2026. He will also retain his board seat until the 2026 Annual Meeting.
During his time at PayPal, Schulman oversaw significant growth, expanding revenues from $8 billion to $30 billion and boosting earnings per share five-fold, while growing the company’s global customer base by hundreds of millions. His executive background also includes senior roles at AT&T, Priceline, Virgin Mobile, and American Express.
Vestberg’s tenure at Verizon was marked by the deployment of its 5G network, major C-Band spectrum investments, and the pending $20 billion acquisition of Frontier Communications.
“I believe in Verizon and its future, and I am honored to be chosen to serve as CEO,” Schulman stated in the company’s announcement.
Verizon reaffirmed its full-year 2025 financial outlook and confirmed it will report third-quarter earnings on October 29, 2025.
Verizon Communications stock price
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