"Verizon has picked former PayPal head Dan Schulman to serve as its new CEO as the company enters its "next phase" of growth, Verizon board chair Mark Bertolini says in the Monday announcement. Starting today, Schulman will replace outgoing CEO Hans Vestberg, who will now serve as a special advisor through October 4th, 2026."
"Vestberg became the CEO of Verizon in 2018, where he oversaw the carrier's 5G launch and its expansion. Last year, Vestberg admitted that people are now holding onto their phones for "way over 36 months," marking an end to the "exciting times" of yearly phone upgrades. He also led the company's $20 billion acquisition of fiber internet provider Frontier, which the Federal Communications Commission approved after Verizon committed to "ending" practices related to diversity, equity, and inclusion (DEI)."
""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 says in the press release. "I look forward to working with our employees, our regulators, our partners, and the Board to do the hard work it takes to regain our leadership in our sector across mobility and broadband.""
Dan Schulman replaces Hans Vestberg as Verizon CEO, effective immediately, while Vestberg will serve as a special advisor through October 4, 2026. Vestberg led Verizon since 2018, overseeing the carrier's 5G rollout and expansion, noting longer phone replacement cycles and leading the $20 billion Frontier fiber acquisition approved by the FCC after commitments related to DEI practices. Schulman brings executive experience from AT&T, Priceline, Virgin Mobile, American Express, and served as PayPal CEO from 2014 until 2023. Verizon aims to grow market share across segments and deliver meaningful financial growth under Schulman’s leadership.
Read at The Verge
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