Yellow lab is incredibly hyper. Dont know how to calm him down.

I got this dog when he was a pup, hes about a year and half old now. He gets incredibly hyper when people are around, and also is very resistant to scolding. He listens to me when nobodies around but as soon as a stranger arrives he goes into like hyper ballistic mode and doesn't pay attention at all, just wants to basically assimilate with the person lol, like jumps on them constantly and will not leave them alone, its incredibly annoying sometimes. How can I get him to calm down? Or is it a matter of obedience training to get him to listen even though hes excited?