Catenaa, Monday, October 13, 2025- Verizon has appointed former PayPal chief Dan Schulman as its new chief executive, succeeding Hans Vestberg after a six-year tenure marked by heavy 5G investment and subscriber losses.
The leadership transition signals Verizon’s intent to reboot its struggling consumer business, which lost 51,000 retail postpaid phone subscribers in the last quarter, even as rivals AT&T and T-Mobile gained ground.
Schulman, who has served on Verizon’s board since 2018, will steer efforts to regain market share while tightening cost controls.
“Verizon is at a critical juncture,” Schulman said in a statement, adding that his focus will be on “redefining the company’s trajectory” through customer growth, financial discipline, and stronger shareholder returns.
Vestberg, who joined Verizon in 2017 from Ericsson, will remain an advisor through 2026 to help complete the $20 billion Frontier Communications acquisition, aimed at expanding Verizon’s fiber broadband footprint.
Verizon shares fell nearly 5% following the announcement, reflecting investor caution over the transition. Board Chair Mark Bertolini praised Vestberg’s leadership, saying Schulman is “the right leader to chart Verizon’s next phase of increased customer focus and financial growth.”
The move makes Verizon the second major US telecom operator to announce a CEO change in recent weeks, following T-Mobile’s leadership reshuffle.
