Daniel H. Schulman elected as Verizon lead director

Rhea-AI Summary

Verizon Communications (NYSE, Nasdaq: VZ) has appointed Daniel H. Schulman as lead director, effective immediately. Schulman, who has served on Verizon's Board since 2018 and is the former President and CEO of PayPal Holdings, succeeds Clarence Otis, Jr., who held the position since 2019 and will remain an independent director.

Schulman brings extensive experience in driving revenue growth, expanding market share, and creating shareholder value through innovation and customer-centric solutions. During his tenure as PayPal CEO, he led the company's transformation in digital payments. The Verizon Board currently comprises 11 directors, with 10 being independent members.

Positive

• Board maintains strong independence with 10 out of 11 directors being independent
• New lead director brings proven track record in revenue growth and market share expansion
• Appointment ensures leadership continuity with previous lead director remaining on board

Negative

• None.

NEW YORK, Dec. 05, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) has elected Daniel H. Schulman as lead director, effective immediately. Schulman has served on Verizon’s Board since 2018 and is the Former President and Chief Executive Officer of PayPal Holdings, Inc. Schulman succeeds Clarence Otis, Jr., who has served in the role since 2019 and who will remain an independent director.

“I am grateful for Clarence’s strategic vision as lead director. His dedication and exceptional leadership have been instrumental in guiding us through significant company milestones, including differentiated customer offerings with more value and choice. I look forward to his continued contributions to Verizon’s Board," said Chairman and CEO Hans Vestberg. “Dan has consistently demonstrated his ability to drive revenue growth, expand market share, and create shareholder value through a focus on innovation and customer-centric solutions. I am confident that Dan’s expertise and perspective as Verizon’s new lead director will further extend our industry leadership.”

In his most recent role as the CEO of PayPal, Schulman led the company’s transformation to revolutionize how people move and manage money. Throughout his career, he has held senior leadership roles, driving significant change and growth in the technology, telecommunications and finance industries.

The Verizon Board currently consists of 11 directors, 10 of whom are independent, with a broad set of viewpoints, backgrounds and expertise to provide a range of perspectives to the Verizon management team.

About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.0 billion in 2023. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

Media contact:
Katie Magnotta
katie.magnotta@verizon.com
201-602-9235

FAQ

Who is the new lead director of Verizon (VZ)?

Daniel H. Schulman, former President and CEO of PayPal Holdings, has been elected as Verizon's lead director, effective immediately.

When did Daniel Schulman join Verizon's (VZ) board?

Daniel Schulman has served on Verizon's Board since 2018.

How many independent directors does Verizon (VZ) have on its board?

Verizon's Board consists of 11 directors, with 10 of them being independent directors.

Who did Daniel Schulman replace as Verizon's (VZ) lead director?

Daniel Schulman succeeded Clarence Otis, Jr., who served as lead director since 2019 and will remain as an independent director.