Overview

• Schulman’s appointment is effective immediately, while Vestberg becomes a special adviser through Oct. 4, 2026 and remains on the board until the 2026 annual meeting.
• Schulman served as PayPal’s CEO from 2014 to 2023, has been on Verizon’s board since 2018, and was elected lead independent director in 2024.
• He outlined priorities to grow market share across segments, reduce cost to serve, and optimize capital allocation.
• Integration of the $20 billion Frontier Communications acquisition is a near-term focus, with closing expected in the first quarter of 2026.
• Verizon reiterated full-year 2025 guidance and set Oct. 29 for its third-quarter earnings release, as shares fell roughly 2%–3% after the news.