PayPal CEO Dan Schulman has been appointed the CEO of Verizon, replacing Hans Vestberg.

Verizon has announced it has appointed Dan Schulman, the former CEO of PayPal, to be its chief executive officer.

The transition is taking place immediately, according to an Oct. 6 news release from the company.

Schulman is replacing Hans Vestberg, who has led the company since 2018. Vestberg is known for creating the company’s 5G network strategy.

The former CEO will continue at the company as a special adviser through Oct. 4, 2026. His role will focus on integrating Frontier Communications, which the company acquired in September 2024 for $9.6 billion. Verizon also agreed to absorb $10 billion in Frontier debt.

The acquisition is expected to close in the first quarter of 2026. Additionally, Vestberg will also remain on the company’s Board of Directors until Verizon’s 2026 annual meeting.

"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, Verizon board chair, said in a statement.

"Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence. He is the right leader to chart Verizon's next phase of increased customer focus and financial growth."

Bertolini, who was also announced as the chairman of the Board of Directors on Monday, said the entire Board thanks "Hans for his outstanding service to all of Verizon’s stakeholders."

Verizon stock was trading down nearly 5% on Oct. 6.

During Schulman’s time at PayPal, he tripled revenue from $8 billion to $30 billion, adding hundreds of millions of new customers to the platform around the globe, the announcement stated. He’s also held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express. He’s been on the Verizon Board of Directors since 2018.

He was elected lead independent director in December 2024.

In a written statement, Schulman said: "I believe in Verizon and its future, and I am honored to be chosen to serve as CEO."

He added that the company is at a critical juncture.

"We have a clear opportunity to redefine our trajectory, by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics."

Vestberg said it "is a good time to pass the baton to Dan," according to the news release. "I do this with immense pride and deep gratitude."

Michelle Del Rey is a trending news reporter at USA TODAY. Reach her at mdelrey@usatoday.com

This article originally appeared on USA TODAY: Verizon names former PayPal boss Dan Schulman as new CEO

Reporting by Michelle Del Rey , USA TODAY / USA TODAY

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