Verizon Communications Inc. (NYSE:VZ) shares are trading lower on Monday following news of the chief executive officer transition.
The company’s board of directors appointed Dan Schulman, the former CEO of PayPal Holdings Inc. (NASDAQ:PYPL), as CEO, effective immediately.
Schulman will replace Hans Vestberg, who will serve as special advisor through Oct. 4, 2026.
Find out more about how VZ stock is doing here.
Schulman brings broad leadership experience across telecom, tech and finance. As PayPal's CEO, he tripled revenue to $30 billion and expanded its global user base. He previously held senior roles at AT&T, Priceline, Virgin Mobile and American Express.
He will focus on facilitating a smooth leadership transition and overseeing the integration with Frontier Communications, which is expected to close in the first quarter of 2026.
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Apart from this, Mark Bertolini has been elected chairman of the Verizon board of directors.
In relation to this news, Verizon reaffirmed its previously provided FY25 outlook of a 2%-2.8% growth in wireless service revenue and adjusted EPS outlook of $4.64-$4.73.
The company plans to report its third-quarter results on Oct. 29, 2025.
Investors can gain exposure to the stock via iShares U.S. Telecommunications ETF (BATS:IYZ) and Invesco Dow Jones Industrial Average Dividend ETF (NYSE:DJD).
VZ Price Action: Verizon shares are down 4.16% at $42.86 at publication on Monday.
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