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 a news release from the company on Monday, Oct. 6.

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 advisor 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

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