08:55 AM EDT, 10/06/2025 (MT Newswires) -- Verizon Communications ( VZ ) said Monday its board has appointed independent lead director Dan Schulman as chief executive officer, effective immediately.

The former PayPal (PYPL) chief executive succeeds Hans Vestberg, who will serve as a special advisor to the company until Oct. 4, 2026 while remaining on the board until the 2026 annual meeting, the company said.

Schulman has held senior leadership roles at AT&T, Priceline, Virgin Mobile, and American Express, serving on Verizon's board since 2018, the company said.

In addition, the company said it has elected Mark Bertolini as chairman of its board.

The company also reiterated its previous financial guidance for 2025, and noted it expects to report its Q3 earnings Oct. 29.