Verizon Names Dan Schulman CEO, Replacing Hans Vestberg

Verizon Communications Inc. (VZ) announced a significant leadership transition Monday, naming former PayPal CEO Dan Schulman as its new Chief Executive Officer, effective immediately. The move signals a strategic pivot for the telecommunications leader as it confronts a highly competitive wireless market.

Schulman, who has served on Verizon's board since 2018, takes over from Hans Vestberg, who will transition to a role as Special Advisor. In this capacity, Vestberg will support the pending $20 billion acquisition of Frontier Communications, a deal expected to close in early 2026. The company also announced that Lead Independent Director Mark Bertolini has been elected as the new Chairman of the Board.

The appointment comes at what Verizon describes as a "critical juncture." The company, like its rivals, faces immense pressure on subscriber growth. The board expressed confidence that Schulman's extensive background in digital finance and technology-driven strategy makes him the ideal leader for Verizon's next phase. During his tenure at PayPal, , a track record Verizon hopes he can replicate.

"We have a clear opportunity to redefine our trajectory, by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics," Schulman said in a statement. His strategic priorities include optimizing capital allocation and reducing operational costs to enhance customer value and deliver sustainable long-term growth for shareholders.

Vestberg's tenure as CEO was defined by the massive capital investments in building out Verizon's 5G network and the strategic acquisition of C-Band spectrum. His continued involvement is seen as crucial for the successful integration of Frontier Communications. Following the announcement, , and the company , signaling stability amidst the executive shuffle.