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Verizon’s chair and chief executive Hans Vestberg is stepping down from both roles with immediate effect in a leadership overhaul that will split the roles at the US telecoms group.
Dan Schulman, who has served on Verizon’s board since 2018, has been appointed chief executive, while Mark Bertolini, the former co-chief of hedge fund Bridgewater Associates, will chair Verizon’s board, the company said in a statement Monday.
Schulman, a former chief of PayPal, said Verizon was at “a critical juncture”.
“We have a clear opportunity to redefine our trajectory by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics,” he said.
David Barden, partner at New Street Research, said the timing of the announcement was a “surprise” but that Schulman had a “stellar reputation”.
Verizon shares fell 1.6 per cent in Monday morning trading.
The boardroom shake-up comes as Verizon — the US’s largest mobile operator with more than 146mn customers — seeks to protect its position amid a growing challenge from competitors T-Mobile and AT&T.
Vestberg’s departure brings an end to an eight-year tenure in which the former head of Swedish telecoms group Ericsson oversaw Verizon’s transition to 5G technology.
The outgoing chief will continue to serve as a special adviser until October next year, to ensure the smooth integration of Verizon’s $20bn acquisition of Frontier Communications, which is set to close early next year.
The Frontier deal is viewed by executives as a cornerstone of the company’s expansion into broadband — a market that is still dominated by other players such as Comcast and AT&T.
“With the pending acquisition of Frontier, it is a good time to pass the baton to Dan,” said Vestberg. “I do this with immense pride and deep gratitude. Verizon’s future is in excellent hands”.
Incoming chair Bertolini said the forthcoming closure of the Frontier deal was “the right time” for a change in leadership at Verizon.
Schulman, who was appointed Verizon’s lead board director last year, has worked at both AT&T and T-Mobile during his career. Most recently, he led PayPal for eight years until 2023.
Verizon, which reported revenues of $134.78bn in 2024, reiterated its 2025 financial guidance on Monday. The company expects to grow adjusted earnings before interest, tax, depreciation and amortisation by between 2.5 and 3.5 per cent, with free cash flow rising from $19.5bn to $20.5bn.
