03:44 PM EDT, 10/06/2025 (MT Newswires) -- Verizon Communications ( VZ ) appointed a new chief executive, while the telecommunications giant on Monday affirmed its 2025 financial guidance.

Dan Schulman has assumed the CEO role at Verizon, succeeding Hans Vestberg, who stepped down both as chief executive and chairman. Mark Bertolini will now serve as chairman.

Schulman, a former PayPal (PYPL) chief executive who has also held senior leadership roles at AT&T ( T ) and American Express ( AXP ) , was Verizon's lead independent director prior to his latest appointment.

"Dan is a seasoned and decisive leader," Bertolini said. "He is the right leader to chart Verizon's next phase of increased customer focus and financial growth."

Vestberg will provide advisory support until Oct. 4, 2026.

The company reiterated its full-year guidance for 2025, and delayed the release of its third-quarter results to Oct. 29 from Oct. 21.

Shares of Verizon were down 5.2% in Monday late afternoon trade.

In July, Verizon lifted the lower end of its full-year earnings growth outlook as it reported better-than-expected second-quarter results, though its postpaid phone subscribers unexpectedly declined during the three-month period.

At the time, the company said it was anticipating per-share adjusted earnings to rise by 1% to 3% for 2025, reflecting an upward revision at the low end from an earlier forecast that had projected no growth. The current consensus on FactSet is for non-GAAP EPS of $4.69, up from the previous year's $4.59.

Verizon expects to close its acquisition of Frontier Communications (FYBR) by the first quarter of next year.

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