Verizon has appointed former PayPal CEO Dan Schulman as its new CEO, replacing Hans Vestberg, who will transition to a board and advisory role, while Mark Bertolini becomes Chairman. Schulman, known for significantly growing PayPal's revenue and customer base, outlined plans to redefine Verizon's trajectory through market share growth, improved financial metrics, and optimized capital allocation. The announcement, which saw Verizon shares rise slightly in premarket trading, comes as the company reiterated its full-year 2025 financial guidance, signaling a strategic focus on renewed growth and operational efficiency under new leadership.
Verizon announced on Monday that the board of directors has appointed former PayPal CEO Dan Schulman as the company's new CEO. Schulman replaces Hans Vestberg, who led the company since 2018. Shares of the company rose slightly following the announcement in premarket trading. Verizon said Vestberg will remain on the board of directors until the 2026 annual meeting and will serve as a special advisor through Oct. 4, 2026, ensuring a smooth transition and closing the deal to acquire Frontier Communications. Verizon on Monday also announced that Mark Bertolini would be chairman of the company's board of directors. "The board is thrilled to have Dan as Verizon's next CEO, and embark on a new chapter of growth and sector leadership," Bertolini said in a statement. "Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence. He is the right leader to chart Verizon's next phase of increased customer focus and financial growth." At PayPal, Schulman grew the company's revenue from $8 billion to $30 billion, according to the announcement, and added "hundreds of millions" of new customers for the global payments platform. He has served on Verizon's board of directors since 2018. "Verizon is at a critical juncture," Schulman said in a statement. "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. We are going to maximize our value propositions, reduce our cost to serve, and optimize our capital allocation to delight our customers and deliver sustainable long-term growth for our shareholders." Vestberg, who became CEO in 2018 and chairman of the board in 2019, is known for creating the company's 5G network strategy. In a statement, he said now was "a good time to pass the baton" to Schulman. Verizon also reiterated its previously issued full-year 2025 financial guidance. This is breaking news. Please refresh for updates. Verizon has initiated a significant leadership overhaul by appointing former PayPal CEO Dan Schulman as its new chief executive, a move met with strong positive market sentiment as evidenced by a premarket share price increase and a high sentiment score of 0.8 for the ticker. Schulman brings a notable track record of transformative growth, having expanded PayPal's revenue from $8 billion to $30 billion and added hundreds of millions of customers. His stated objectives for Verizon—to grow market share, improve financial metrics, reduce cost-to-serve, and optimize capital allocation—signal a strategic pivot from the 5G network-centric strategy of his predecessor, Hans Vestberg, toward a more aggressive focus on customer acquisition and operational efficiency. The transition is structured for stability, with Vestberg remaining as an advisor until October 2026 to ensure continuity and finalize the acquisition of Frontier Communications. Crucially, Verizon has reiterated its full-year 2025 financial guidance, suggesting that this leadership change is aimed at accelerating performance within the existing financial framework rather than a response to deteriorating fundamentals.
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