Verizon Communications has appointed Daniel Schulman, its lead independent director and former PayPal chief executive, as its new CEO, marking a significant leadership transition as the company faces mounting competition in the US telecom market.
Schulman succeeds Hans Vestberg, who has led the carrier since 2018 and will remain a special adviser through 2026.
The announcement, made Monday, comes at a time when Verizon—the largest telecommunications provider in the US by subscriber base—is under pressure to retain customers and navigate pricing challenges as rivals intensify their push into both home internet and wireless services.
In addition to Schulman’s appointment, Verizon named Mark Bertolini as chairman of the board.
Bertolini, CEO of Oscar Health and former chief executive of Aetna, brings a deep background in managing large-scale organisations across technology and healthcare.
The share price of Verizon fell by more than 2% in early trading on Monday.
Who is Dan Schulman?
Schulman brings decades of executive experience in digital innovation and operational transformation.
As CEO of PayPal from 2015 to 2023, he oversaw the company’s expansion from $8 billion to $30 billion in annual revenue and added hundreds of millions of customers globally.
He also served as the founding CEO of Virgin Mobile USA, where he helped establish a successful prepaid cellphone venture in partnership with Sprint.
“The board is thrilled to have Dan as Verizon’s next CEO,” said Mark Bertolini, Verizon’s newly appointed chairman.
“He is a seasoned and decisive leader with a unique set of experiences and a proven record of transformative leadership. Dan is the right person to guide Verizon through its next phase of growth and customer focus.”
Schulman, who has served on Verizon’s board since 2018, said the company is “at a critical juncture.”
In his statement, he pledged to expand market share across all customer segments, streamline operations, and focus on sustainable long-term growth.
“We are going to maximise our value propositions, reduce our cost to serve, and optimise our capital allocation to delight our customers and deliver sustainable long-term growth for our shareholders,” he said.
Verizon has been losing postpaid phone customers
Schulman’s appointment follows a period of mixed performance for Verizon.
Although the company raised its earnings outlook earlier this year, it also reported losing postpaid phone customers for two straight quarters.
Morgan Stanley analysts said in July that while the company’s forecast was encouraging, its shares traded at a discount to many of its peers, “reflecting a more tepid growth outlook” and that the year appeared to be “more challenging than initially thought.”
To retain customers, Verizon has taken steps such as freezing rates for many subscribers for three years, following years of price increases that had sparked frustration among users.
The company’s focus under Vestberg was on strengthening its 5G network and maintaining technological leadership.
Vestberg, who previously led Ericsson AB, will stay on Verizon’s board through its next annual meeting and will assist with the integration of fiber-internet provider Frontier Communications.
Verizon agreed to acquire Frontier in a $20 billion deal last year, a move expected to strengthen its broadband presence nationwide.
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