Verizon appoints former PayPal CEO Dan Schulman as new CEO, replacing Hans Vestberg. Shares drop 5% in midday trading. Vestberg to remain on board until 2026 annual meeting to oversee Frontier Communications deal. Mark Bertolini named chairman of the board. Schulman aims to drive growth, increase market share, and enhance financial metrics.

Schulman previously grew PayPal’s revenue from $8 billion to $30 billion and added millions of new customers. He plans to focus on customer satisfaction, financial growth, and operational excellence at Verizon. Vestberg, known for 5G strategy, passes baton to Schulman. Verizon reaffirms full-year 2025 financial guidance.

FCC approves Verizon’s $20 billion deal to acquire Frontier Communications, a fiber-optic internet provider. Verizon to bring fiber to one million households, enhancing broadband capabilities. Verizon sees acquisition as key to broadband expansion strategy. FCC had probed Verizon’s diversity, equity, and inclusion programs as part of approval process.

Read more at CNBC: Verizon names former PayPal boss Dan Schulman as new CEO