Verizon Announces CEO Transition

NEW YORK, NY – Verizon Communications Inc. (NYSE, NASDAQ: VZ) today announced that its Board of Directors has appointed Independent Lead Director and former Chief Executive Officer of PayPal Holdings Inc. Dan Schulman as Chief Executive Officer, effective immediately. Mark Bertolini has been elected Chairman of the Verizon Board of Directors. Mr. 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, which is expected to close in the first quarter of 2026. Mr. Vestberg will also remain on the Board of Directors until the 2026 Annual Meeting.

“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.”

Mr. 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.” 

Mr. Schulman brings to Verizon 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., Mr. Schulman led the company’s successful transformation to a global payments platform, tripling revenue from $8B to $30B, growing EPS five-fold and adding hundreds of millions of new customers to the PayPal platform around the globe. During his career, Mr. Schulman has held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express, driving significant change and growth. Mr. Schulman has served on the Verizon Board of directors since 2018 and was elected Lead Independent Director in December 2024.

“I believe in Verizon and its future, and I am honored to be chosen to serve as CEO,” said Mr. Schulman. “Verizon is at a critical juncture. 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. 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. I want to thank Hans for his remarkable leadership and all he has contributed to Verizon. I deeply appreciate his friendship and support in this transition. I look forward to working with our employees, our regulators, our partners, and the Board to do the hard work it takes to regain our leadership in our sector across mobility and broadband.”

“Over the last eight years, I’ve had the privilege of working alongside some of the most talented and dedicated people in the industry, and together we’ve built a network that truly connects people to what matters most. As the Board and I discussed, with the pending acquisition of Frontier, it is a good time to pass the baton to Dan. I do this with immense pride and deep gratitude. Verizon’s future is in excellent hands, and I’ll be cheering the team on every step of the way,” said Mr. Vestberg.

Mr. Vestberg is the architect of Verizon’s 5G network strategy, which powers and empowers how Verizon customers live, work and play. Under Mr. Vestberg’s leadership, Verizon was first in the world to 5G and it has since expanded the 5G network nationally for mobility and home internet and business services. Mr. Vestberg has executed transformational investments that have set Verizon up for success, including the purchase of C-Band spectrum to power the company’s 5G leadership and the pending $20 billion acquisition of Frontier Communications, which is a cornerstone of Verizon’s broadband expansion strategy. 

In connection with today’s announcement, Verizon reiterated its previously provided financial guidance for full-year 2025. Verizon will now report its third quarter 2025 earnings on October 29, 2025.

About Verizon 

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.8 billion in 2024. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

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