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Verizon Communications is tapping the former CEO of PayPal to
its top role, taking over the post from Hans Vestberg.
Dan Schulman, who has served as a Verizon board member since
2018 and is its lead independent director, will become CEO of
the New York company immediately. Vestberg will serve as a
special adviser through Oct. 4, 2026. During that time, he will
focus on the transition process, which includes the integration
with Frontier Communications, which is expected to close in the
first quarter of next year.
Vestberg put together Verizon's 5G network strategy and oversaw
its $20 billion deal to buy Frontier Communications so that
Verizon can strengthen its fiber network. The transaction, which
was announced in September 2024, is also a way for Verizon to
shore up its foray into artificial intelligence as well as
connected smart devices.
Vestberg will continue as a Verizon board member until its 2026
annual meeting.
Aside from serving as PayPal's CEO, Schulman has held senior
leadership roles at AT&T, Priceline, Virgin Mobile and American
Express.
“Verizon is at a critical juncture," Schulman said in a
statement on Monday. “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.”
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