Verizon Communications named former PayPal Chief Executive Dan Schulman as the company's new CEO on Monday, sending Verizon stock into a skid.
Schulman will replace Hans Vestberg, who has led the telecommunications giant since 2018. The appointment is effective immediately.
Verizon credited Vestberg as the architect of the company's 5G network and strategy. Vestberg, in a statement, said it was "a good time to pass the baton to Dan."
Dan Schulman: 'Critical Juncture'
"Verizon is at a critical juncture," Schulman said in a statement. "We have a clear opportunity to redefine our trajectory, by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics."
But, at the close, Verizon stock fell 5.1% to 41.44, undercutting its 200-day line. Shares are forming a long saucer-with-handle base with a buy point at 45.75, MarketSurge shows.
Meanwhile, shares of key rival AT&T slipped 4.4% to 25.87. T-Mobile stock also toppled 2.3%, closing at 224.96.
This story has been updated to correct how much Verizon stock fell.
Follow Allison Gatlin on X/Twitter at @AGatlin_IBD.
