Verizon has officially announced a significant transition in its executive leadership, marking the beginning of what board chair Mark Bertolini described as the company’s “next phase” of growth and strategic evolution. In a statement released on Monday, the telecommunications giant revealed that Dan Schulman, the former chief executive officer of PayPal, has been selected to assume the role of Verizon’s new CEO. Effective immediately, Schulman will take over from outgoing chief executive Hans Vestberg, who will continue to contribute to the company in a senior advisory capacity until October 4th, 2026. This continuity is designed to ensure a seamless transfer of leadership and to preserve the institutional knowledge and strategic direction developed under Vestberg’s tenure.
Hans Vestberg, who first ascended to the top leadership position at Verizon in 2018, leaves behind an extensive legacy characterized by major technological and operational milestones. Among his most notable accomplishments was the deployment and nationwide expansion of Verizon’s 5G network—a development that has redefined the carrier’s infrastructure and positioned it as a frontrunner in next-generation connectivity. Under his guidance, the company pursued aggressive initiatives to strengthen its digital footprint and extend its service capabilities. Last year, Vestberg provided candid commentary on shifting consumer behavior, acknowledging that customers now retain their smartphones for “well over 36 months,” signaling a marked departure from the period of annual device upgrades that once fueled rapid industry cycles. This observation captured a broader market reality and underscored the company’s need to innovate beyond traditional hardware refreshes.
Vestberg’s leadership also steered Verizon through a strategically important acquisition: the company’s $20 billion purchase of fiber internet provider Frontier. The deal, ultimately approved by the Federal Communications Commission, was contingent upon Verizon committing to discontinuing certain operational and policy practices related to diversity, equity, and inclusion (DEI). This stipulation reflected both regulatory scrutiny and the evolving landscape of corporate governance standards within the telecommunications industry.
Stepping into his new role, Dan Schulman brings with him an extensive and multidimensional background in senior executive leadership across a range of prominent global corporations. Prior to his tenure at PayPal, he held influential positions at AT&T, Priceline, Virgin Mobile, and American Express—experiences that collectively shaped his expertise in digital commerce, consumer engagement, and organizational transformation. In 2014, following PayPal’s strategic separation from eBay, Schulman was appointed CEO of the newly independent company, guiding it through a decade of rapid digital growth, product innovation, and financial democratization. His leadership at PayPal was widely credited with modernizing the firm’s technological infrastructure and expanding its presence in the global fintech ecosystem. Schulman stepped down in 2023, passing the reins to Alex Chriss, formerly Intuit’s chief product officer.
Verizon’s leadership transition coincides with a broader wave of executive restructuring across the telecommunications sector. Only weeks prior, T-Mobile underwent a similar change in leadership when CEO Mike Sievert resigned, and the company’s chief operating officer, Srini Gopalan, was promoted to the top role. This concurrence underscores a period of renewed strategic realignment within the industry, as leading carriers seek to navigate post-5G growth opportunities and the intensifying competition in both broadband and mobile markets.
In his inaugural public statement as Verizon’s new chief executive, Schulman emphasized a clear and ambitious vision for the company’s future trajectory. He noted that Verizon now faces a rare and pivotal opportunity to reimagine its strategic course by expanding its market presence across all customer segments—consumer, business, and enterprise—while continuing to strengthen its performance in the most critical financial and operational indicators. Schulman highlighted his commitment to working collaboratively with Verizon’s workforce, regulatory bodies, strategic partners, and the company’s board of directors to undertake the disciplined and innovative work required to restore and enhance Verizon’s industry leadership across the interconnected domains of mobility and broadband services.
Through this appointment, Verizon signals its intent to pair its legacy of technological innovation with a renewed focus on market agility, stakeholder collaboration, and long-term value creation under Schulman’s experienced and entrepreneurial stewardship.
Sourse: https://www.theverge.com/news/792875/verizon-dan-schulman-ceo-hans-vestberg-replacement
