VZ Verizon Communications Inc

The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) has elected Daniel H. Schulman as lead director, effective immediately. Schulman has served on Verizon’s Board since 2018 and is the Former President and Chief Executive Officer of PayPal Holdings, Inc. Schulman succeeds Clarence Otis, Jr., who has served in the role since 2019 and who will remain an independent director.

“I am grateful for Clarence’s strategic vision as lead director. His dedication and exceptional leadership have been instrumental in guiding us through significant company milestones, including differentiated customer offerings with more value and choice. I look forward to his continued contributions to Verizon’s Board," said Chairman and CEO Hans Vestberg. “Dan has consistently demonstrated his ability to drive revenue growth, expand market share, and create shareholder value through a focus on innovation and customer-centric solutions. I am confident that Dan’s expertise and perspective as Verizon’s new lead director will further extend our industry leadership.”

In his most recent role as the CEO of PayPal, Schulman led the company’s transformation to revolutionize how people move and manage money. Throughout his career, he has held senior leadership roles, driving significant change and growth in the technology, telecommunications and finance industries.

The Verizon Board currently consists of 11 directors, 10 of whom are independent, with a broad set of viewpoints, backgrounds and expertise to provide a range of perspectives to the Verizon management team.

About VerizonVerizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.0 billion in 2023. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores.

Media contact: Katie Magnotta katie.magnotta@verizon.com 201-602-9235