00:00Verizon has appointed former PayPal CEO Dan Schulman as its new chief executive, replacing Hans Vestberg, who will stay on as an advisor through 2026.
00:10Shares dropped around 5% following the announcement.
00:13Schulman brings a track record of growth and transformation, having led PayPal's revenue surge and joined Verizon's board in 2018.
00:20The leadership change comes as Verizon prepares to finalize its $20 billion acquisition of Frontier Communications and push forward with its broadband expansion strategy.
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