Verizon Extends CEO Daniel Schulman's Employment Through 2028

What Happened
Verizon Communications Inc. filed an 8-K reporting an amendment (dated July 23, 2026) to CEO Daniel H. Schulman’s employment letter. The amendment extends the initial term of his employment from December 31, 2027 to December 31, 2028 and sets specific compensation terms for calendar year 2028, including a guaranteed long‑term incentive award.

Key Details

• Employment agreement originally dated October 13, 2025 (previously amended January 9, 2026) was amended on July 23, 2026.
• Initial term extended to December 31, 2028; after that the agreement will renew in one‑year increments unless either party gives at least 90 days’ notice of non‑extension.
• For calendar year 2028, Schulman will receive an annual base salary and a target annual incentive at least equal to the amounts in effect through December 31, 2027.
• He will receive a long‑term incentive award for 2028 with a target value of at least $25 million, to be granted during the first three months of 2027 alongside Verizon’s 2027 Band 1 awards; time‑based vesting for that award will be deemed satisfied if his employment ends due to a defined succession event on or after the grant date. That award will be his sole long‑term incentive opportunity for service in 2028.
• Compensation for any year after 2028 will be set by the Board when it determines Band 1 executive pay for that year.

Why It Matters
This filing confirms the company has formally extended the CEO’s contract and clarified his pay for 2028, including a sizeable guaranteed long‑term award ($25M+). Investors should note the extension, the one‑year renewal mechanic after 2028, and the guaranteed incentive structure for 2028 because these items affect executive retention, near‑term compensation expense, and governance disclosures going forward.