Verizon Appoints Dan Schulman, Ex-CEO of PayPal, as New Chief Executive
Verizon Communications announced a significant leadership change on Monday, naming Dan Schulman, the former CEO of PayPal Holdings, as its new chief executive officer. The change is effective immediately. Schulman, a 67-year-old tech veteran, steps into the shoes of Hans Vestberg, who has been at the helm of the telecom giant since 2018.
Schulman brings with him a wealth of experience from his nearly decade-long stint at PayPal. During his tenure, he managed to triple the revenue from $8 billion to a staggering $30 billion and increased earnings per share five-fold. His appointment comes at a time when Verizon is grappling with slowing growth in the wireless market and heightened competition. Vestberg, however, will not be completely out of the picture. He will continue to serve as a special advisor until October 2026, assisting with the transition and the company’s impending $20 billion acquisition of Frontier Communications.
“Verizon is at a critical juncture,” Schulman stated. “We have a clear opportunity to redefine our trajectory by growing our market share across all segments while delivering meaningful growth in our key financial metrics.” Following the announcement, Verizon shares experienced a dip of approximately 5%.
Source: CNBC