Verizon Names Former PayPal CEO Dan Schulman to Lead Telecom Giant Amid Slowing Growth

Telecom leader turns to payments veteran to navigate competitive pressures, enhance customer experience, and drive financial performance.

Verizon Communications on Monday announced a major leadership shift, naming former PayPal CEO Dan Schulman as its new chief executive officer. Schulman replaces Hans Vestberg in a strategic move aimed at steering the telecom giant through slowing growth in the US wireless market and rising competition from rivals.

Schulman, 67, brings nearly a decade of experience leading PayPal, where he oversaw the company’s split from eBay and a surge in online transactions during the COVID-19 pandemic. Having served on Verizon’s board for seven years, Schulman emphasized a culture-driven approach, telling employees that the lessons from PayPal “weren’t about technology or scale, they were about culture, listening to customers and empowering teams to drive real change.” He added, “We must drive financial results that exceed current market expectations.”

Verizon faces a challenging backdrop, with cautious consumers hesitant to purchase premium plans and slowing subscriber growth. The company has also been navigating increased competition from AT&T and T-Mobile US in a mature wireless market.

Vestberg, who joined Verizon in 2018, oversaw the $52 billion purchase of key C-Band spectrum in 2021, negotiated regulatory approvals, and closed major acquisitions including Frontier Communications for $20 billion and prepaid provider TracFone Wireless for $6 billion. He also explored acquiring additional spectrum from EchoStar. Vestberg’s tenure was defined by heavy investments in 5G networks and revenue diversification, though Verizon later exited most of its media holdings.

In a note to employees, Vestberg reflected on his tenure: “We’ve made transformational investments in C-Band spectrum that have positioned us to win in the next era of connectivity. We’re also on the verge of closing the acquisition of Frontier, which will further expand our broadband footprint and open up even more opportunities for growth.” He will remain with the company as a special adviser through October 2026.

The leadership transition comes at a pivotal time for Verizon as it seeks to balance continued investment in network infrastructure with strategic initiatives to boost customer engagement and profitability. Schulman’s appointment signals a focus on leveraging technology, customer-centric culture, and operational expertise to navigate the evolving telecom landscape.

Shares of Verizon reacted cautiously to the announcement, falling 3% in morning trading, reflecting market uncertainty as the company embarks on its next chapter under Schulman’s leadership.