Verizon Communications has appointed former PayPal chief executive Dan Schulman as its new CEO, succeeding Hans Vestberg in a leadership change designed to navigate slowing growth in the wireless sector.
The transition comes as Verizon faces intensifying competition and weaker subscriber growth, with many consumers holding back on premium mobile plans. Vestberg, who has led the company since 2018, will stay on as a special adviser until Oct 4, 2026, the company said.
Schulman, 67, brings nearly a decade of leadership experience from PayPal, where he oversaw its separation from eBay and guided the company through a boom in digital payments during the Covid-19 pandemic.
During Vestberg’s tenure, Verizon invested heavily in building out its 5G infrastructure and expanding into media and enterprise services — ventures that were later scaled back as the company refocused on core connectivity. Despite these efforts, Verizon’s stock has trailed behind competitors AT&T and T-Mobile in recent years.
Schulman’s appointment follows a similar leadership shake-up at T-Mobile, underscoring broader changes in the US telecommunications industry as major players reposition themselves to capture growth in an increasingly saturated market.
