Verizon Appoints Ex-PayPal CEO Dan Schulman as CEO

Verizon Communications announced that Dan Schulman, who previously led PayPal, will take over as CEO from Hans Vestberg.

This change comes as Verizon tackles a tougher wireless market with slower growth and fierce competition. Schulman, 67, brings a wealth of experience from guiding PayPal through its split from eBay and a boom in online payments during the COVID-19 pandemic.

As a Verizon board member for seven years, he’s ready to use his know-how to improve customer service and boost the company’s performance.

In an email to employees, Schulman shared that his time at PayPal taught him the value of listening to customers, building a strong company culture, and empowering teams to make a real difference.

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“We must drive financial results that exceed current market expectations,” he wrote, addressing challenges like competition from AT&T and T-Mobile and customers hesitating to sign up for premium plans. Verizon’s stock fell 3% in early trading, showing some investor concern about the transition.

Vestberg, CEO since 2018, will stay on as a special adviser until October 2026. His leadership saw major moves, like spending $52 billion on C-Band spectrum in 2021 to strengthen Verizon’s 5G network. He also led a $20 billion deal to buy Frontier Communications and a $6 billion purchase of TracFone Wireless, expanding Verizon’s reach in broadband and prepaid mobile services. Talks to acquire spectrum from EchoStar are also in progress, setting the stage for future growth.

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The U.S. telecom industry is shifting, with T-Mobile recently announcing its own CEO change. Verizon is under pressure as the wireless market matures and competitors vie for customers. Schulman’s focus on customer experience and financial growth aims to keep Verizon competitive. With Vestberg’s groundwork in 5G and connectivity, Schulman has a solid foundation to lead Verizon through these challenges and into its next chapter.