Verizon Communications Inc. announced today that Hans Vestberg will step down as chief executive officer, effective immediately, and that former PayPal CEO Dan Schulman will take over the role.
Vestberg will serve as special advisor through October 4, 2026, focusing on the integration of Frontier Communications, a $20 billion acquisition expected to close in early 2026. Schulman, who has been on Verizon’s board since 2018 and served as lead independent director, will lead the company through this transition.
The leadership change marks the second major wireless CEO shuffle in two weeks, following T‑Mobile’s recent appointment of a new CEO. Mark Bertolini has been named the new chairman of Verizon’s board, underscoring the company’s commitment to strategic leadership during the Frontier integration.
Schulman’s appointment brings a background in payments and telecommunications, having led PayPal, AT&T’s consumer division, and Sprint Nextel’s prepaid group. His experience is expected to help Verizon navigate the competitive wireless market and accelerate its broadband expansion strategy.
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