Verizon Communications has named independent director and former PayPal Holdings chief Dan Schulman as its new CEO, replacing Hans Vestberg, who will stay on with the company through a transition.

Vestberg, who came to the CEO post in 2018, will serve as special advisor through Oct. 4, 2026 to in part integrate Frontier Communications, a deal expected to close in the first quarter of 2026.

“The board is thrilled to have Dan as Verizon’s next CEO, and embark on a new chapter of growth and sector leadership,” Mark Bertolini, who becomes chair of the board of directors at Verizon, said in a statement. Verizon in Sept. 2024 announced a deal to acquire Frontier for $20 billion in cash to double down on its fiber broadband business.

Verizon Communications has named independent director and

See Full Page