Verizon bolstered its board by appointing former PayPal president and CEO Daniel Schulman (pictured) as lead director, apparently in a bid to bolster revenue growth.

Schulman’s track record in boosting sales growth was one of several areas Verizon chair and CEO Hans Vestberg listed as factors in his appointment.

Other elements Vestberg noted were Schulman’s capabilities in expanding a company’s market share and to “create shareholder value through a focus on innovation and customer-centric” services.

Vestberg expressed confidence the newly appointed lead director would “further extend our industry leadership”.

Verizon announced the move yesterday (5 December), stating Schulman’s appointment was “effective immediately”.

Schulman replaces Clarence Otis, who was appointed lead director in 2019 and remains with Verizon as an independent director: Vestberg referred to a dedicated and “exceptional” leader, who was “instrumental in guiding us through significant company milestones”.

Verizon explained its board comprises 11 directors, ten of which are independent. The set up provides management with a “broad set of viewpoints, backgrounds and expertise”.

In Schulman’s case, this most recently involved heading PayPal as its president and CEO from 2015 to the end of 2023, during which the company stated he had turned it into a “leading digital payments” operation.

When he announced his intention to leave PayPal, Schulman expressed a desire to “devote more time to my passions outside the workplace”.