Summary
Verizon Communications Inc. (VZ) has announced a significant leadership transition, with Daniel H. Schulman appointed as the new Chief Executive Officer, effective immediately. Mr. Schulman brings extensive experience, having previously led PayPal Holdings, Inc. as CEO and serving on Verizon's Board of Directors since 2018. This appointment marks a strategic shift in leadership as the company navigates its future growth and integration plans. Hans E. Vestberg, the outgoing Chairman and CEO, will transition to a Special Advisor role for one year, focusing on critical strategic initiatives including the integration of the Frontier Communications acquisition and Verizon's broader convergence and broadband strategy. Mr. Vestberg will continue to receive his base salary and remains eligible for performance-based incentives, with his outstanding equity awards continuing to vest. The company also reiterated its previously provided financial guidance for the full year 2025 in a press release accompanying this filing.
Key Highlights
- 1Daniel H. Schulman appointed new Chief Executive Officer, effective immediately.
- 2Hans E. Vestberg steps down as Chairman and CEO, appointed Special Advisor for one year.
- 3Mr. Schulman brings prior CEO experience from PayPal Holdings, Inc. and has been a Verizon Board member since 2018.
- 4Mr. Vestberg's advisory role will focus on the Frontier Communications acquisition integration and broadband strategy.
- 5Mr. Vestberg will continue to receive his base salary and his equity awards will continue to vest during his advisory term.
- 6Verizon reiterated its full-year 2025 financial guidance in an accompanying press release.