Pins matching tag:"Dan Schulman"

Verizon's board named former PayPal chief Dan Schulman, its lead independent director, as CEO in place of Hans Vestberg, and made Mark Bertolini chairman.

Verizon's third-quarter 2025 results, the first under new CEO Dan Schulman, showed adjusted EPS of $1.21 but a loss of 7,000 consumer postpaid phones, as Schulman promised to aggressively transform the company's culture and costs.

CEO Dan Schulman told staff Verizon would cut more than 13,000 jobs, its largest single layoff, and franchise 179 company-owned stores, taking a $1.6 to $1.8 billion severance charge.

Verizon closed its $20 billion purchase of Frontier Communications, making it a wholly owned subsidiary and extending Verizon's fiber reach to almost 30 million passings across 31 states and DC.

Verizon added 616,000 postpaid phones in the fourth quarter of 2025, its best quarter since 2019, met its 2025 guidance and set a 2026 outlook of adjusted EPS of $4.90 to $4.95.

Verizon's board authorised up to $25 billion of share repurchases and raised the quarterly dividend 2.5 percent to $0.7075, part of a plan to return about $55 billion to shareholders through 2028.

Sowmyanarayan Sampath stepped down as CEO of Verizon Consumer Group, with Chief Transformation Officer Alfonso Villanueva, a former PayPal colleague of Dan Schulman's, taking over on an interim basis.

Verizon posted its first positive first-quarter postpaid phone net additions since 2013, a record $13.4 billion of adjusted EBITDA, and raised its 2026 adjusted EPS guidance.

Verizon said it will hand 274 company-owned stores to franchise operators and cut about 500 corporate jobs, moves affecting about 3,000 employees, effective 16 August 2026.

Verizon added 184,000 postpaid phones and posted a record 40.1 percent adjusted EBITDA margin in the second quarter of 2026, raising full-year guidance for a second time and lifting its buyback target to $4.5 billion.

Verizon's third-quarter 2026 results, where it has guided mobility and broadband service revenue growth to approach 3.0 percent on the way to about 4.0 percent in the fourth quarter.