Verizon Communications is tapping the former CEO of PayPal to its top role, taking over the post from Hans Vestberg.

Dan Schulman, who has served as a Verizon board member since 2018 and is its lead independent director, will become CEO of the New York company immediately. Vestberg will serve as a special adviser through Oct. 4, 2026. During that time, he will focus on the transition process, which includes the integration with Frontier Communications, which is expected to close in the first quarter of next year.

Vestberg put together Verizon's 5G network strategy and oversaw its $20 billion deal to buy Frontier Communications so that Verizon can strengthen its fiber network. The transaction, which was announced in September 2024, is also a way for Verizon to shore up its foray into arti

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