NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: NYSE:), a telecommunications giant with a market capitalization of $180 billion and an impressive track record of maintaining dividend payments for 41 consecutive years according to InvestingPro, has announced the appointment of Daniel H. Schulman as the new lead director of its Board of Directors, effective immediately. Schulman, who has been a board member since 2018, succeeds Clarence Otis, Jr., who has served as lead director since 2019 and will continue as an independent director.
Schulman brings a wealth of experience to the role, having previously served as the President and Chief Executive Officer of PayPal (NASDAQ:) Holdings, Inc. During his tenure at PayPal, he led the company’s efforts to innovate the way people handle financial transactions. His background also includes senior leadership positions across the technology, telecommunications, and finance sectors, where he has been recognized for driving growth and creating value for shareholders.
Hans Vestberg, Chairman and CEO of Verizon, expressed his gratitude to Otis for his strategic guidance and leadership, which have been pivotal during key company milestones. Vestberg anticipates that Schulman’s experience and focus on innovation and customer-centric solutions will be assets in extending Verizon’s industry leadership.
The board at Verizon is comprised of 11 directors, 10 of whom are independent. This diverse group brings a range of perspectives to the management team, contributing to the company’s strategic decisions.
Verizon, a leading global provider of telecommunications, information, and entertainment products and services, generated revenues of $134.0 billion in 2023, maintaining a robust gross profit margin of 60%. The company, which currently offers an attractive dividend yield of 6.37%, is headquartered in New York City and serves customers worldwide, including nearly all Fortune 500 companies. InvestingPro analysis reveals 8 additional key insights about Verizon’s financial health and market position, available to subscribers.
This leadership change is based on a press release statement from Verizon Communications, Inc. The company maintains a strong financial health score of “GOOD” according to InvestingPro’s comprehensive analysis, which includes detailed metrics and expert insights available in the Pro Research Report, one of 1,400+ deep-dive analyses offered to subscribers.
In other recent news, Verizon Communications Inc. has delivered a robust performance in its Q3 earnings report, marking a record EBITDA of $12.5 billion and a 2.7% increase in wireless service revenue. The company also reported a significant addition of 239,000 net postpaid subscribers. However, analysts from KeyBanc Capital Markets and Scotiabank (TSX:) have expressed concerns about the company’s future financial performance. KeyBanc downgraded Verizon’s stock due to predicted slowdowns in EBITDA growth and free cash flow, while Scotiabank slightly reduced the stock’s price target due to flat revenue and higher capital expenditure guidance.
Verizon’s recent developments include a strategic focus on expanding its broadband reach, targeting over 100 million households with a mix of fixed wireless access and fiber solutions. The company also plans to double its fixed wireless access subscribers by 2028. Despite these growth plans, both KeyBanc and Scotiabank expressed caution about the company’s financial performance, with Scotiabank suggesting a lack of growth in free cash flow next year due to increased capital expenditures.
In other company news, Verizon’s Board of Directors has declared a quarterly dividend of 67.75 cents per outstanding share, maintaining the amount distributed in the previous quarter. This action underscores the company’s commitment to enhancing long-term shareholder value, supported by Verizon’s strong consumer wireless base and cash flow. The company’s stable business model is reflected in its low price volatility, with a beta of 0.43. These are the recent developments from Verizon Communications.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
