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Verizon Communications Inc. just made a surprise change to its chief executive, and the move is pressuring telecommunications stocks on Monday.
The wireless company named Dan Schulman, the former CEO of PayPal Holdings Inc.
PYPL, as its next leader. Schulman is replacing Hans Vestberg, who had served as Verizon’s CEO since 2018, with the change effective immediately. Schulman has been a lead independent director on Verizon’s VZ board since 2018.
This post was originally published on Market Watch
