Verizon Appoints Dan Schulman as New CEO, Shares Dip Amid Leadership Transition

Verizon announced a significant leadership overhaul on Monday, appointing former PayPal CEO Dan Schulman as its new Chief Executive Officer. Schulman takes the helm from Hans Vestberg, who has led the telecommunications giant since 2018. Following the announcement, Verizon’s shares experienced a roughly 4% drop in midday trading.

Vestberg will remain a pivotal figure during the transition, serving on the board of directors until the 2026 annual meeting and acting as a special advisor through October 4, 2026. This extended role aims to ensure a seamless leadership handover and finalize the substantial acquisition of Frontier Communications.

In a related move, the company also revealed that Mark Bertolini has been appointed chairman of Verizon’s board of directors. Bertolini expressed enthusiasm for Schulman’s appointment, stating, “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.”

Schulman, who has been a member of Verizon’s board since 2018, arrives with a strong track record, having grown PayPal’s revenue from $8 billion to $30 billion and significantly expanded its customer base. He articulated his vision for Verizon, remarking, “Verizon is at a critical juncture. 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 recently approved $20 billion acquisition of Frontier Communications, greenlit by the Federal Communications Commission in May, is central to Verizon’s strategic plans. This deal, described as a “cornerstone” of its broadband expansion strategy, will see Verizon upgrade and extend Frontier’s fiber-optic network to approximately 1 million American households.

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