Dan Schulman Takes Helm as Verizon CEO, Replacing Hans Vestberg

Verizon Communications has named Dan Schulman as its new Chief Executive Officer. The former PayPal boss succeeds Hans Vestberg, who led the telecom giant since 2018. The board of directors confirmed the leadership change on Monday. This move signals a new strategic direction for the company.

Vestberg will stay on as a special advisor until late 2026. This ensures a smooth transition, particularly for the Frontier Communications acquisition. The company’s shares saw a slight dip following the announcement.

Schulman’s Proven Track Record in Digital Growth

Dan Schulman brings a formidable reputation from his tenure at PayPal. According to Reuters, he dramatically increased PayPal’s annual revenue. He grew it from $8 billion to an impressive $30 billion. He also expanded its global user base by hundreds of millions.

Schulman is not a newcomer to Verizon’s operations. He has served on the company’s board of directors since 2018. His deep familiarity with Verizon’s challenges and opportunities was a key factor in his selection.

A Critical Juncture for America’s Telecom Giant

This leadership change comes at a pivotal time for Verizon. The company faces intense competition in the mobile and broadband sectors. Schulman’s mandate is to reignite growth and improve financial performance.

Mark Bertolini, the new Chairman of Verizon’s board, expressed strong confidence. He stated Schulman possesses a unique set of experiences and a proven record. Bertolini believes he is the right leader to chart Verizon’s next phase.

Schulman himself acknowledged the critical moment. He plans to maximize value propositions and reduce operational costs. The goal is to delight customers and deliver sustainable long-term growth for shareholders.

Outgoing CEO Hans Vestberg is credited with building Verizon’s nationwide 5G network. He stated it was simply “time to pass the baton” to a new leader. The company has reaffirmed its full-year financial guidance for 2025.

This CEO transition marks a significant shift for Verizon. The appointment of Dan Schulman highlights a new focus on digital transformation and customer-centric growth. The telecom industry will be watching his strategy closely.

Info at your fingertips

Who is the new CEO of Verizon?

Dan Schulman is the new CEO of Verizon. He is the former CEO of the digital payment company PayPal. He joined Verizon’s board of directors in 2018.

Why did Hans Vestberg step down?

The board decided it was time for a leadership change. Vestberg stated it was simply “time to pass the baton.” He will remain as a special advisor until October 2026.

What did Dan Schulman do at PayPal?

Schulman significantly grew PayPal during his leadership. He increased the company’s annual revenue from $8 billion to $30 billion. He also expanded its global customer base by hundreds of millions.

How will this change affect Verizon’s strategy?

The change signals a stronger focus on customer growth and financial performance. Schulman aims to reduce costs and optimize capital allocation. The core 5G network strategy is expected to continue.

Is Verizon’s financial guidance changing?

No, the company’s financial outlook remains stable. Verizon has reaffirmed its previously issued financial guidance for the full year of 2025. The leadership transition is not expected to disrupt this.