Verizon’s chair and chief executive Hans Vestberg is stepping down from both roles with immediate effect in a leadership overhaul that will split the roles at the telecoms group. Dan Schulman will take on the role of CEO, while Mark Bertolini, former co-chief of hedge fund Bridgewater Associates, will chair Verizon’s board. Mr. Schulman led PayPal for nearly a decade before stepping down in 2023, steering the payments firm through its split from eBay and a surge in online transactions during the COVID pandemic. Mr. Vestberg, meanwhile, oversaw the $52bn purchase and clearing of key wireless C-Band spectrum in a 2021 auction and then negotiated with regulators and airlines over the deployment.
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