Why did Verizon change CEOs now?

According to the press release, the Board and Vestberg agreed that with the pending Frontier Communications acquisition nearing close, it was the right time for a transition. Vestberg said it was a good time to pass the baton to Schulman.

Did Verizon change its financial guidance?

No. Verizon reiterated its previously provided full-year 2025 financial guidance in the press release and did not announce any revisions.

What is Schulman's background and what does he plan to do?

Schulman led PayPal as CEO from 2015 to 2023, growing revenue from about $8 billion to $30 billion, and previously held senior roles at AT&T, Priceline, Virgin Mobile and American Express. He has said Verizon will focus on growing market share across segments, reducing cost to serve, optimizing capital allocation, and delivering sustainable growth.

What happens to Vestberg's pay and equity?

Vestberg will keep his base salary through the end of his Special Advisor term, remain eligible for a 2025 short-term incentive based on actual performance, and his outstanding equity awards will keep vesting during the term, with prorated vesting upon separation under the award terms.

When will investors get more details?

Verizon will report third-quarter 2025 earnings on October 29, 2025. Schulman's CEO compensation is to be determined later and will be disclosed in an amendment to this Form 8-K.

VZ 8-K: Leadership Changes & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed October 6, 2025. Cited figures are marked; the original filing is the authoritative source.

Verizon Communications (VZ) disclosed in an 8-K dated October 6, 2025 that its Board appointed Daniel H.

Schulman, a Verizon director since 2018 and Independent Lead Director since December 2024, as Chief Executive Officer effective immediately (appointment made October 4, 2025). Hans E. Vestberg stepped down as Chairman and CEO and will serve as Special Advisor through October 4, 2026, remaining on the Board until the 2026 Annual Meeting.

Mark Bertolini was elected Chairman of the Board. Schulman previously served as President and CEO of PayPal from 2015 to 2023, and the release says he will focus on growing market share, reducing cost to serve, and optimizing capital allocation. His CEO compensation has not been set and will be disclosed by amendment to this 8-K.

For investors, the filing is primarily a leadership change rather than a financial event. Verizon reiterated its full-year 2025 financial guidance, and the company will report third-quarter 2025 earnings on October 29, 2025. Vestberg's transition agreement keeps his base salary through his advisory term, makes him eligible for a 2025 short-term incentive based on actual results, and provides for continued vesting of equity awards with prorated vesting at separation.

The transition is timed ahead of the pending roughly $20 billion^a acquisition of Frontier Communications, which management expects to close in the first quarter of 2026 and which Vestberg is advising on. Investors will likely focus on whether Schulman changes the strategy, capital allocation, or cost structure, and on how the Frontier integration proceeds under new leadership.

02—Key points

Key Highlights

Daniel H. Schulman appointed CEO effective immediately; he is a current director and former PayPal CEO (2015-2023).
Hans E. Vestberg stepped down as Chairman and CEO, becoming Special Advisor through October 4, 2026, and staying on the Board until the 2026 Annual Meeting.
Mark Bertolini elected Chairman of the Board of Directors.
Vestberg's transition agreement keeps base salary through the advisory term, preserves eligibility for the 2025 short-term incentive based on actual results, and continues equity vesting with prorated vesting at separation.
Schulman's CEO compensation is not yet determined and will be disclosed in an 8-K/A amendment.
Verizon reiterated its full-year 2025 financial guidance and will report Q3 2025 earnings on October 29, 2025.
The CEO change is timed ahead of the pending ~$20 billion Frontier Communications acquisition, expected to close in Q1 2026.

03—Questions

Frequently Asked Questions

Why did Verizon change CEOs now?
According to the press release, the Board and Vestberg agreed that with the pending Frontier Communications acquisition nearing close, it was the right time for a transition. Vestberg said it was a good time to pass the baton to Schulman.
Did Verizon change its financial guidance?
No. Verizon reiterated its previously provided full-year 2025 financial guidance in the press release and did not announce any revisions.
What is Schulman's background and what does he plan to do?
Schulman led PayPal as CEO from 2015 to 2023, growing revenue from about $8 billion to $30 billion, and previously held senior roles at AT&T, Priceline, Virgin Mobile and American Express. He has said Verizon will focus on growing market share across segments, reducing cost to serve, optimizing capital allocation, and delivering sustainable growth.
What happens to Vestberg's pay and equity?
Vestberg will keep his base salary through the end of his Special Advisor term, remain eligible for a 2025 short-term incentive based on actual performance, and his outstanding equity awards will keep vesting during the term, with prorated vesting upon separation under the award terms.
When will investors get more details?
Verizon will report third-quarter 2025 earnings on October 29, 2025. Schulman's CEO compensation is to be determined later and will be disclosed in an amendment to this Form 8-K.

04—Continue

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