Verizon has picked former PayPal head Dan Schulman to serve as its new CEO as the company enters its “next phase” of growth, Verizon board chair Mark Bertolini says in the Monday announcement. Starting today, Schulman will replace outgoing CEO Hans Vestberg, who will now serve as a special advisor through October 4th, 2026.

Vestberg became the CEO of Verizon in 2018, where he oversaw the carrier’s 5G launch and its expansion. Last year, Vestberg admitted that people are now holding onto their phones for “way over 36 months,” marking an end to the “exciting times” of yearly phone upgrades. He also led the company’s $20 billion acquisition of fiber internet provider Frontier, which the Federal Communications Commission approved after Verizon committed to “ending” practices related to divers

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