\n<\/p>\n
Unlock the Editor\u2019s Digest for free<\/p>\n
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n Verizon\u2019s 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. <\/p>\n Dan Schulman, who has served on Verizon\u2019s board since 2018, has been appointed chief executive, while Mark Bertolini, the former co-chief of hedge fund Bridgewater Associates, will chair Verizon\u2019s board, the company said in a statement Monday. <\/p>\n Schulman, a former chief of PayPal, said Verizon was at \u201ca critical juncture\u201d.<\/p>\n \u201cWe 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,\u201d he said. <\/p>\n David Barden, partner at New Street Research, said the timing of the announcement was a \u201csurprise\u201d but that Schulman had a \u201cstellar reputation\u201d. <\/p>\n Verizon shares fell 1.6 per cent in Monday morning trading. <\/p>\n The boardroom shake-up comes as Verizon \u2014 the US\u2019s largest mobile operator with more than 146mn customers \u2014 seeks to protect its position amid a growing challenge from competitors T-Mobile and AT&T. <\/p>\n Vestberg\u2019s departure brings an end to an eight-year tenure in which the former head of Swedish telecoms group Ericsson oversaw Verizon\u2019s transition to 5G technology.<\/p>\n The outgoing chief will continue to serve as a special adviser until October next year, to ensure the smooth integration of Verizon\u2019s $20bn acquisition of Frontier Communications, which is set to close early next year. <\/p>\n The Frontier deal is viewed by executives as a cornerstone of the company\u2019s expansion into broadband \u2014 a market that is still dominated by other players such as Comcast and AT&T. <\/p>\n \u201cWith the pending acquisition of Frontier, it is a good time to pass the baton to Dan,\u201d said Vestberg. \u201cI do this with immense pride and deep gratitude. Verizon\u2019s future is in excellent hands\u201d.<\/p>\n Incoming chair Bertolini said the forthcoming closure of the Frontier deal was \u201cthe right time\u201d for a change in leadership at Verizon. <\/p>\n Schulman, who was appointed Verizon\u2019s 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.<\/p>\n 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. <\/p>\n","protected":false},"excerpt":{"rendered":" Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Verizon\u2019s 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<\/p>\n","protected":false},"author":1,"featured_media":26261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[10065,1120,689,136,15788,15789,6568],"class_list":{"0":"post-26260","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-appoints","9":"tag-boss","10":"tag-chief","11":"tag-dan","12":"tag-paypal","13":"tag-schulman","14":"tag-verizon"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/26260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26260"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/26260\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/26261"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}