Verizon Communications has named independent director and former PayPal Holdings chief Dan Schulman as its new CEO, replacing Hans Vestberg, who will stay on with the company through a transition.

Vestberg, who came to the CEO post in 2018, will serve as special advisor through Oct. 4, 2026 to in part integrate Frontier Communications, a deal expected to close in the first quarter of 2026.

The board is thrilled to have Dan as Verizons next CEO, and embark on a new chapter of growth and sector leadership, Mark Bertolini, who becomes chair of the board of directors at Verizon, said in a statement. Verizon in Sept. 2024 announced a deal to acquire Frontier for $20 billion in cash to double down on its fiber broadband business. Bertolini praised Vestberg for overseeing the development of the companys 5G mobile network. Having created a network that is unmatched and with the upcoming close of the Frontier transaction, the board and Hans discussed that now is the right time for a CEO transition. On behalf of the entire board, we thank Hans for his outstanding service to all of Verizons stakeholders, he added.

Verizon is 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, Schulman added in a statement on news of his appointment, which is effective immediately.

Offering video TV packages to Verizon subscribers has also been a key role for Vestberg, as the telecom giant positions itself as a key distribution platform via broadband and mobile services for its Fios TV customers. That strategy has included shifting Verizons video focus to partnerships with third-party streaming services, including Netflix, Disney+ and HBO Max.

Verizon will report its third quarter 2025 earnings on Oct. 29. The company also reiterated its previous financial guidance for full-year 2025 on Monday.