PayPal’s Dan Schulman Takes the Wheel at Verizon as Vestberg Steps Aside

Verizon has a new boss. The board tapped former PayPal chief Dan Schulman as CEO effective immediately, handing him the keys to a telecom giant battling slower wireless growth and tougher competition. Hans Vestberg, who’s led Verizon since 2018, will stay on the board until the 2026 annual meeting and serve as a special advisor through Oct. 4, 2026 to smooth the handoff and help close the Frontier Communications deal. Verizon also reiterated its full-year 2025 financial guidance.

Mark Bertolini was named chairman of the board.

“Dan is a seasoned and decisive leader… the right leader to chart Verizon’s next phase of increased customer focus and financial growth,” Bertolini said.

Schulman, 67, knows turnarounds and scale. At PayPal, he helped lift revenue from $8 billion to $30 billion and added hundreds of millions of customers after the company split from eBay. He’s hardly a stranger to Verizon either — he’s sat on the carrier’s board since 2018.

“Verizon is at a critical juncture,” Schulman said. “We can grow share across all segments while improving our key financial metrics. We’ll sharpen our value propositions, reduce our cost to serve, and optimize capital allocation to delight customers and deliver sustainable long-term growth.”

Vestberg’s tenure was defined by big network bets: a sweeping 5G strategy, C-Band spectrum spend, and deals from TracFone to the pending $20 billion Frontier acquisition. “It’s a good time to pass the baton,” he said, pledging support as advisor while the company integrates Frontier to expand its fiber footprint.

Verizon faces a maturing US wireless market, price-sensitive consumers, and heavy pressure from AT&T and T-Mobile. That puts a premium on customer experience, churn control, and wringing more value from 5G and fiber investments — exactly the kind of operational discipline Schulman is known for. Investors took the news in stride as shares slipped during Monday trading, typical for a high-profile transition.

What to watch

• Guidance intact: Verizon reaffirmed 2025 targets, signaling no immediate strategy U-turn.
• Frontier close & integration: A near-term test for Schulman’s execution playbook.
• Cost to serve: Expect tighter ops and simpler plans aimed at loyalty and ARPU stability.
• Fiber + 5G monetization: Turning big CapEx into real growth while keeping promos in check.

Verizon is betting that a fintech veteran with board-room savvy can re-accelerate growth in a crowded wireless market. Schulman’s mandate is clear: keep the network edge, fix the customer pain points, and make the numbers add up — without losing momentum on fiber and 5G.

With input form Reuters, CNBC, Bloomberg, and the New York Times.