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Verizon announced on Monday that the board of directors has appointed former PayPal CEO Dan Schulman as the company's new CEO.

Schulman replaces Hans Vestberg, who had led the company since 2018.

Shares of the company sank roughly 5% in midday trading.

Verizon said Vestberg will remain on the board of directors until the 2026 annual meeting and will serve as a special advisor through Oct. 4, 2026, to ensure a smooth transition and close the deal to acquire Frontier Communications .

Verizon on Monday also announced that Mark Bertolini would be chairman of the company's board of directors.

"The board is thrilled to have Dan as Verizon's next CEO, and embark on a new chapter of gro

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