India, Oct. 6 -- Verizon's board of directors named Dan Schulman, former CEO of PayPal, as its next CEO on Monday. Schulman succeeds Hans Vestberg, who has managed the corporation since 2018. The company's shares fell almost 2% in morning trading.

Vestberg will continue to act as a special advisor until October 4, 2026, and on the board of directors through the 2026 annual meeting, according to Verizon, in order to facilitate a seamless transition and complete the acquisition of Frontier Communications.

Mark Bertolini will serve as the chairman of Verizon's board of directors, the firm stated.

"The board is thrilled to have Dan as Verizon's next CEO, and embark on a new chapter of growth and sector leadership," Bertolini stated,. "Dan ...