Verizon Names Dan Schulman to Succeed Vestberg as CEO

Leadership Change & Strategy - Verizon appointed Dan Schulman, former CEO of Virgin Mobile and executive at AT&T, as the new CEO, aiming for a fresh perspective to address growth challenges [2][3] - The appointment of Dan Schulman as CEO was unexpected, as Sampath, the head of the consumer unit, was considered a potential candidate for the role [4] - The industry anticipates Verizon may explore adjacent markets like consumer finance to stimulate growth under Schulman's leadership, leveraging his experience at American Express and PayPal [5] Performance & Challenges - Verizon is facing growth problems and has been trailing AT&T and T-Mobile for several quarters [1] - Actions taken to improve growth in the postpaid wireless business have not yet yielded significant positive results [1][4] - The board's decision to appoint a new CEO reflects dissatisfaction with the current performance, despite Sampath's dynamic personality [5] Market Reaction - Shares experienced a decline following the announcement, potentially reflecting investor uncertainty about the changes [3]