Telecom Stocks Rattled After Verizon Unexpectedly Names Dan Schulman New CEO

Group 1 - Verizon Communications appointed Dan Schulman, former PayPal CEO, as the new CEO, effective immediately, replacing Hans Vestberg [1] - Vestberg is credited with architecting Verizon's 5G network and strategy, and he stated it was a good time to pass the baton to Schulman [1] - Schulman emphasized that Verizon is at a critical juncture and has an opportunity to redefine its trajectory by growing market share and improving key financial metrics [1] Group 2 - Following the announcement, Verizon's stock fell 4% to $41.92, dropping below its 200-day line [1] - Key rivals AT&T and T-Mobile also experienced stock declines, with AT&T slipping 3% to $26.24 and T-Mobile down 2.7% to $224.07 [2]