Verizon Appoints Dan Schulman CEO

Verizon named Dan Schulman, the former PayPal CEO and Verizon lead independent director since 2018, as its new chief executive effective immediately, replacing Hans Vestberg. Vestberg will transition to a special-adviser role through Oct. 4, 2026 and will remain on Verizon’s board until the company’s 2026 annual meeting, and Mark Bertolini was elected board chair. Schulman’s background spans PayPal, AT&T, Virgin Mobile, Priceline and American Express, and he is credited with significantly growing PayPal’s revenue. The leadership change comes as Verizon faces slowing U.S. wireless growth, rising churn and fierce competition from AT&T and T‑Mobile, and as the company moves to close its $20 billion Frontier Communications acquisition to bolster fiber broadband services. Investors reacted cautiously—shares fell more than 3%—and Verizon reiterated its prior 2025 guidance while preparing to report third-quarter results later in October.