New Delhi, Oct. 6 -- Verizon Communications Inc. named former PayPal head Dan Schulman, who was serving as Independent Lead Director as the Chief Executive Officer of the company with immediate effect.

"The Board is thrilled to have Dan as Verizon's next CEO, and embark on a new chapter of growth and sector leadership," said Verizon Board Chair Mark Bertolini in a statement issued on Monday, October 6.

"Dan is a seasoned and decisive leader with a unique set of experiences and a proven record of transformative leadership and operational excellence. He is the right leader to chart Verizon's next phase of increased customer focus and financial growth," Bertolini added.

Dan Schulman has been on Verizon's board of directors since 2018. Wit...