Verizon Communications has named former PayPal CEO Dan Schulman as its new chief executive, replacing Hans Vestberg. Schulman, 67, led PayPal through a split from eBay and growth in online transactions during the pandemic. He aims to improve customer experience and exceed market expectations.

Vestberg oversaw key acquisitions and investments in 5G networks during his tenure. Verizon faces competition from AT&T and T-Mobile as the U.S. wireless market matures. Shares were down 3% after the announcement. Vestberg will remain as a special adviser until October 2026.

Verizon is set to close a deal to acquire Frontier Communications and expand its broadband footprint. Discussions about acquiring spectrum from EchoStar are ongoing. The company is looking to capitalize on C-Band spectrum investments for future growth opportunities. The telecom sector is evolving with new leadership changes amid fierce competition.

Read more at Yahoo Finance: Verizon names former PayPal boss Dan Schulman as CEO