Verizon Communications has named former PayPal CEO Dan Schulman as its new chief executive, succeeding Hans Vestberg in a leadership transition designed to navigate the telecom giant through a period of slowing growth and rising competition. The company announced on Monday that Vestberg, who has led Verizon since 2018, will remain with the firm as a special adviser until October 2026, ensuring a smooth transition. The leadership change underscores Verizon’s strategic pivot as it seeks to reignite growth in a maturing U.S. wireless market.
Schulman, 67, brings extensive leadership experience to Verizon, having guided PayPal for nearly a decade, including its separation from eBay and its rapid expansion during the COVID-19 pandemic. His appointment signals Verizon’s intent to leverage Schulman’s digital and consumer innovation expertise to strengthen its competitive position amid shifting customer demands. Industry analysts suggest that his background in financial technology could help Verizon explore new digital revenue models and customer engagement strategies.
During Vestberg’s tenure, Verizon made substantial investments in building its 5G network infrastructure and pursued diversification through media and enterprise ventures. However, many of those efforts were scaled back as the company refocused on its core wireless services. Despite these moves, Verizon has faced increasing pressure from rivals AT&T and T-Mobile, both of which have outperformed it in subscriber and stock growth in recent years.
The leadership reshuffle comes shortly after T-Mobile also announced a new CEO, reflecting broader changes in the U.S. telecommunications landscape. As competition intensifies and consumer spending patterns evolve, Verizon’s appointment of Schulman highlights a renewed focus on innovation, operational efficiency, and customer-centric growth to regain momentum in a challenging market environment