Verizon Appoints Former PayPal CEO Dan Schulman as New Leader in Quest for Growth

Technology News : In a significant shake-up, Verizon Communications Inc. has named Dan Schulman, the former CEO of PayPal, as its new Chief Executive Officer, effective immediately. Schulman takes the reins from Hans Vestberg, who has led the telecom giant since 2018 and will remain on the board of directors until the 2026 annual meeting.

A Seasoned Leader with a Proven Track Record

Schulman brings a wealth of experience to his new role, having grown PayPal’s revenue from $8 billion to $30 billion during his tenure. Under his leadership, PayPal added hundreds of millions of new customers, expanding its global presence. Schulman’s appointment is seen as a strategic move to drive Verizon’s growth and sector leadership.

“Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence,” said Mark Bertolini, chairman of Verizon’s board of directors. “He is the right leader to chart Verizon’s next phase of increased customer focus and financial growth.”

A New Chapter for Verizon

Schulman outlined his vision for Verizon’s future, emphasizing the need to redefine the company’s trajectory. “Verizon is at a critical juncture,” he said. “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.”

Key Highlights

• Leadership Change: Dan Schulman replaces Hans Vestberg as CEO, effective immediately.
• Growth Strategy: Schulman aims to drive growth through increased customer focus and financial discipline.
• Fiber-Optic Expansion: Verizon’s acquisition of Frontier Communications is expected to enhance Verizon’s fiber network, benefiting 1 million American households.
• Financial Guidance: Verizon reaffirms its full-year 2025 financial guidance, demonstrating stability and confidence in its operations.

A Smooth Transition

Vestberg, who has been at the helm of Verizon since 2018, expressed his confidence in Schulman’s ability to lead the company forward. “Now is a good time to pass the baton,” Vestberg said, adding that he will remain on the board of directors and serve as a special advisor to ensure a seamless transition.

Fiber-Optic Expansion: A Key Growth Driver

The acquisition of Frontier Communications, valued at $20 billion, is a strategic move to expand Verizon’s fiber network across the country. The deal, approved by the Federal Communications Commission in May, is expected to upgrade and expand Frontier’s network capabilities, bringing more fiber to approximately 1 million American households.

Conclusion

Dan Schulman’s appointment as CEO of Verizon marks a new chapter in the company’s history. With his proven track record of driving growth and innovation, Schulman is well-positioned to lead Verizon towards a brighter future. As the telecom industry continues to evolve, Verizon’s focus on customer-centricity, financial discipline, and strategic expansion will be crucial in driving long-term success.