Overview

• The appointment is effective immediately, with outgoing CEO Hans Vestberg staying as special adviser through Oct. 4, 2026 and on the board until the 2026 annual meeting.
• Schulman, PayPal’s former chief executive and Verizon’s lead independent director, outlined priorities to regain share, improve customer experience, cut cost to serve, and optimize capital spending.
• Verizon reaffirmed its 2025 outlook and set Oct. 29 for its third-quarter earnings report.
• Vestberg will help steer integration of the Frontier Communications acquisition, which Verizon expects to close in the first quarter of 2026.
• Shares fell roughly 3%–5% on the news as telecom peers also slipped, and Mark Bertolini was named chair of Verizon’s board.