Verizon announced today that CEO Hans Vestberg will be replaced "effective immediately" by former PayPal CEO and longtime telecom veteran Dan Schulman.

Vestberg's new role will be as special advisor through Oct. 4, 2026, "during which time he will be focused on ensuring a smooth transition, including the integration with Frontier Communications," expected in the first quarter of 2026, according to Verizon's announcement. He will remain on the board of directors until its next annual meeting, likely happening in May 2026. At the same time, Verizon named Mark Bertolini as the new board chairman.

Schulman has been on Verizon's board since 2018. His most recent post was CEO of PayPal from 2014 to 2023. Previously, his telecom experience included positions at AT&T , Virgin Mobile and

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