(partially reprinted from Monday’s Bulletin)
Verizon Communications Inc. (NYSE: VZ) yesterday announced that its Board of Directors has appointed former CEO of PayPal Holdings Inc. Dan Schulman as CEO, effective immediately. Outgoing CEO, Hans Vestberg, will 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 (NASDAQ: FYBR), 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.
“Verizon is at a critical juncture,” Schulman said in a statement. “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.”
The news that Investors Business Daily described as “unexpected”, affected the company’s stock which fell 5 percent to $41.44. Competitor’s stocks were impacted as well with AT&T (NYSE: T) dropping 4.43 percent to $25.86 and T-Mobile (NASDAQ: TMUS) falling 2.31 percent to $224.96.
According to Verizon, Schulman brings a unique combination of financial and operational leadership experience with large public companies, and deep expertise in the telecommunications, technology, and financial sectors. In his most recent role as the CEO of PayPal Holdings, Inc., Schulman led the company’s successful transformation to a global payments platform, tripling revenue from $8 billion to $30 billion, growing EPS five-fold and adding hundreds of millions of new customers to the PayPal platform around the globe.
During his career, Schulman has held senior leadership roles at AT&T (NYSE: T), Priceline, Virgin Mobile and American Express, driving significant change and growth. Schulman has served on the Verizon Board of directors since 2018, and was elected Lead Independent Director in December 2024.
“The Board is thrilled to have Dan as Verizon’s next CEO, and embark on a new chapter of growth and sector leadership,” said Verizon Board Chair Mark Bertolini. “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.”
Bertolini continued, “Hans Vestberg has been an extraordinary leader for Verizon, leading a new era of network investment and creating an innovative culture. Our company is better for his passion and vision. Having created a network that is unmatched and with the upcoming close of the Frontier transaction, the Board and Hans discussed that now is the right time for a CEO transition. On behalf of the entire Board, we thank Hans for his outstanding service to all of Verizon’s stakeholders.”