Verizon announced on Monday that it has appointed Dan Schulman, the company's lead independent director, as its new Chief Executive Officer, with the appointment taking effect immediately.

The company stated that the former PayPal CEO will replace Hans Vestberg, who has served as Verizon's CEO since 2018. Vestberg will serve as a special advisor until October 4, 2026, and will continue to remain on the company's board of directors until the 2026 annual shareholder meeting.

"The board is pleased to appoint Dan as Verizon's next CEO to usher in a new chapter of growth and industry leadership for the company," said Mark Bertolini, Verizon's board chairman, in a statement. "Dan is an experienced and decisive leader with a unique background and proven track record in transformational leadership and operational excellence. He is the right leader to take Verizon into its next phase with an enhanced focus on customers and financial growth."

In pre-market trading on Monday, Verizon shares were up 0.5%.