Leadership Revamp at Verizon: Former PayPal CEO, Dan Schulman, Steps Up as New Chief
Verizon Communications announced an unexpected leadership transition on Monday, instating former PayPal CEO Dan Schulman as its new chief executive, effective immediately. Schulman, 67, steps into the shoes of Hans Vestberg, who has been at the helm of the telecom behemoth since 2018 and will continue to serve as a special advisor through October 2026.
This leadership shift comes at a time when Verizon is grappling with escalating competitive challenges and languid subscriber growth, especially when compared to competitors such as T-Mobile.
Schulman brings to the table a wealth of experience in technology and financial services. Under his leadership, PayPal’s revenue saw a threefold increase, soaring from $8 billion to a staggering $30 billion. He has been a part of Verizon’s board since 2018 and assumed the role of lead independent director in December 2024.
The announcement of Schulman’s appointment comes in conjunction with Verizon’s impending $20 billion acquisition of Frontier Communications, a deal expected to be sealed in Q1 2026.
However, the news of the leadership change at this “critical juncture” for the company led to a 5% drop in Verizon’s stock as investors took time to process the development.
Source: CNBC