Verizon Communications Inc. Announces CEO Transition

Dan Schulman, who previously served as the Independent Lead Director of Verizon and CEO of PayPal Holdings Inc., now steps into the role of CEO at Verizon. Schulman's extensive experience in financial and operational leadership, particularly in technology and telecommunications, positions him uniquely to drive Verizon's growth and innovation strategies. Under Schulman's leadership at PayPal, the company underwent a remarkable transformation that led to tripling its revenue from $8 billion to $30 billion, alongside a five-fold increase in earnings per share.

Mark Bertolini, newly elected Chairman of the Verizon Board of Directors, expressed confidence in Schulman's leadership, stating, "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."

Hans Vestberg, who previously helmed the company, will transition to a Special Advisor role until October 4, 2026, ensuring a smooth handover of responsibilities. Vestberg has been credited with spearheading Verizon's innovative culture and significant network investments, including the rollout of the 5G network, which has established Verizon as a leader in the telecommunications space.

"I do this with immense pride and deep gratitude," Vestberg remarked about the transition. "Verizon’s future is in excellent hands, and I’ll be cheering the team on every step of the way." This sentiment underscores the collaborative spirit within the company as it embarks on this new chapter.

As Schulman takes the reins, he emphasizes the importance of redefining Verizon's trajectory. "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," Schulman stated. He outlined a vision that includes maximizing value propositions, reducing costs, and optimizing capital allocation to enhance customer satisfaction and drive sustainable long-term growth for shareholders.

The timing of Schulman's appointment coincides with Verizon's impending acquisition of Frontier Communications, a $20 billion transaction that is expected to close in the first quarter of 2026. This acquisition is a cornerstone of Verizon’s broadband expansion strategy and is anticipated to further enhance the company's competitive edge in the market.

In conjunction with the leadership announcement, Verizon reaffirmed its previously provided financial guidance for the full year 2025. The company is set to report its third-quarter earnings on October 29, 2025, which will provide further insights into its financial performance and strategic initiatives under the new leadership.

The appointment of Dan Schulman as CEO marks a transformative moment for Verizon Communications Inc. as it seeks to adapt to a rapidly changing telecommunications environment. With Schulman's proven track record and Vestberg's legacy of innovation, Verizon is poised to embark on a new journey of growth and customer-centricity, backed by a strong vision for the future. As the company continues to evolve, stakeholders and customers alike will be watching closely for the results of this significant transition.