Verizon names former PayPal boss Dan Schulman as new CEO
CEO Dan Schulman, Paypal speaks at the World Economic Forum in Davos, Switzerland on 23 January 2020.
Adam Galacia | CNBC
Vertexon On Monday, the board of directors announced the former appointment Paypal As CEO Dan Schulman is the new CEO of the company.
Schulman replaces Hans Vestberg, who has been leading the company since 2018.
The company’s shares were roughly 5% in noon trade.
Verizon said that Vestberg would remain on the board of directors until the 2026 -year meeting and will serve as a special consultant until October 4, 2026 to provide a smooth transition and win the agreement. Border communication.
On Monday, Verizon also announced that Mark Bertolini will be the chairman of the company.
“The Board is excited to be Dan’s next CEO of Dan and start a new growth and sector leadership department,” Bertolini said in a statement. He said. “It is an experienced and decisive leader with a proven record of a unique set of experience and transformative leadership and operational perfection. He is the right leader to draw the next stage of Verizon’s increasing customer focus and financial growth.”
In Paypal, Schulman increased the company’s income from $ 8 billion to $ 30 billion, and added “hundreds of millions of” new customers for the global payment platform. Since 2018, Verizon has worked on the board of directors.
Verizon Verizon is at a critical point, Sch Schulman said in a statement. “While providing significant growth in our key financial metrics, we have a clear opportunity to redefine our orbit in all segments of the market. We will maximize our value suggestions, reduce our service cost and optimize the capital allocation to satisfy our customers and to provide sustainable long -term growth for our shareholders.”
Vestberg, the CEO in 2018 and the chairman of the board in 2019, is known to be the company’s 5G network strategy. In a statement, he now told Schulman that he was “a good time to pass the baton”.
Verizon also reiterated the 2025 financial guidance previously published.
In May, the Federal Communication Commission announced that Verizon approved a $ 20 billion agreement of purchasing Frontier, a fiber optic internet provider. FCC President Brendan Carr investigated Verizon for diversity, equality and inclusion programs, and said that there was a factor in the border agreement, but when the agency company agreed to end these programs, he gave a blessing to unite.
Verizon said that the agreement would allow Frontier to increase and expand the network capabilities by bringing more fibers to about 1 million American households. Verizon described the acquisition as the “fundamental stone” of the broad band expansion strategy.
