Verizon Appoints Ex-PayPal CEO Dan Schulman as New CEO
Verizon Communications has announced the appointment of former PayPal CEO Dan Schulman as its new Chief Executive Officer, effective immediately. This leadership transition, which sees Schulman replace Hans Vestberg, is aimed at revitalizing growth within the company.
Schulman, 67, previously served as Verizon’s independent lead director and brings a wealth of experience from his tenure at PayPal. During his time there, he managed to triple the revenue from $8 billion to $30 billion and added hundreds of millions of customers globally.
His appointment comes at a time when Verizon is grappling with challenges such as high churn rates, slowing customer growth, and intense competition in the wireless market. “Verizon is at a critical juncture,” Schulman stated, emphasizing plans to “redefine our trajectory by growing market share across all segments while delivering meaningful growth in key financial metrics.”
Schulman’s background includes senior leadership roles at AT&T, Priceline, Virgin Mobile, and American Express, providing him with deep expertise in telecommunications and financial technology.
Outgoing CEO Hans Vestberg, who has led the company since 2018 and developed Verizon’s 5G network strategy, will remain as a special advisor through October 2026. This is to ensure a smooth integration of the pending $20 billion Frontier Communications acquisition.
Following the announcement, Verizon shares declined approximately 5%. However, the company reaffirmed its full-year 2025 financial guidance and announced Q3 earnings for October 29.
Source: CNBC