Verizon taps Dan Schulman as new CEO with company at 'critical juncture' Francisco VelasquezOctober 6, 2025 at 5:37 PM 1 Verizon (VZ) is hoping its new boss can rewire its business.
- - Verizon taps Dan Schulman as new CEO with company at 'critical juncture'
Francisco VelasquezOctober 6, 2025 at 5:37 PM
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Verizon (VZ) is hoping its new boss can rewire its business.
The telecom giant named former PayPal (PYPL) CEO Dan Schulman as its next chief executive on Monday, effective immediately.
"The Board is thrilled to have Dan as Verizon's next CEO, and embark on a new chapter of growth and sector leadership," said Verizon board chair Mark Bertolini. "Dan is a seasoned and decisive leader with a unique set of experiences and a proven record of transformative leadership and operational excellence."
Shares of Verizon slipped over 3% following the news. The stock has risen 5% year to date, compared to the S&P 500's (^GSPC) 15% climb. Over the same period, T-Mobile (TMUS) shares have risen about 2% year to date, while AT&T (T) has jumped over 15%.
Schulman succeeds Hans Vestberg, who will step into a special adviser role through 2026 as Verizon works to complete its $20 billion acquisition of Frontier Communications (FYBR). Vestberg will remain on the board until the company's 2026 annual meeting.
The new CEO has been part of Verizon's ecosystem for years, serving on the board since 2018, and was elected lead independent director in 2024. The company said Schulman's appointment marks the start of a new chapter for the telecom giant as it seeks to regain market share in wireless and broadband.
"Verizon is at a critical juncture," Schulman said in the press release. "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."
The New York-based company is grappling with numerous challenges, including high churn rates and slowing customer growth due to increased prices and fierce competition.
During the second quarter, Verizon generated $34.5 billion in revenue, surpassing consensus estimates of $33.76 billion, according to Bloomberg data. Adjusted earnings per share came in at $1.22, topping expectations of $1.19.
However, the company trailed in user growth, adding 300,000 subscribers during the quarter. By comparison, T-Mobile added 1.7 million new subscribers in the quarter, while AT&T added 401,000.
According to Schulman, his plan includes "maximizing value propositions, reducing its cost to serve, and optimizing capital allocation."
During his nine-year tenure as PayPal CEO, Schulman increased revenue from $8 billion to $30 billion and added hundreds of millions of new customers to the platform worldwide. However, PayPal's stock has been down 64% in the past five years and 18% year to date.
Before PayPal, Schulman held senior leadership roles at AT&T, Priceline (BKNG), Virgin Mobile, and American Express (AXP).
Vestberg, who became CEO in 2018, oversaw major investments in Verizon's 5G network, including the purchase of C-Band spectrum and a nationwide rollout for mobile and home internet services. But his tenure also saw sluggish subscriber growth compared to rivals.
In a statement, Vestberg called Schulman's appointment the right move at the right time. "With the pending acquisition of Frontier, it is a good time to pass the baton to Dan," he said.
Multiple large companies — including Target (TGT), Oracle (ORCL), and Spotify (SPOT) — have made leadership changes recently or adopted co-CEO structures amid industry shifts and investor pressure for performance.
Francisco Velasquez is a Reporter at Yahoo Finance. He can be reached on LinkedIn and X, or via email at [email protected].
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Correction: A previous version of this article misspelled Hans Vestberg's name. We regret the error.
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