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What happened
Verizon has appointed Dan Schulman, the former CEO of PayPal, as its new CEO, effective immediately, replacing Hans Vestberg who led the company since 2018. Schulman, who has been on Verizon's board since 2018, is expected to drive a new phase of growth and customer focus. Under his leadership at PayPal, Schulman significantly increased revenue and customer base. Vestberg will remain on the board until 2026 and serve as a special advisor during the transition. Verizon also reiterated its financial guidance for 2025 and highlighted the importance of its $20 billion acquisition of Frontier Communications, which aims to enhance its broadband capabilities across the U.S.
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Key insights
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Leadership Transition: Dan Schulman replaces Hans Vestberg as CEO to lead Verizon's growth.
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Broadband Expansion: Verizon's acquisition of Frontier Communications is key to its broadband strategy.
Takeaways
The leadership change at Verizon marks a strategic shift aimed at enhancing customer engagement and financial performance.