Verizon Communications appointed former PayPal CEO Dan Schulman as its new Chief Executive Officer, effective immediately, marking a major leadership shift as the company prepares to integrate Frontier Communications. Schulman, who has served on Verizon’s board since 2018 and as lead independent director since 2024, succeeds Hans Vestberg, who will remain a board member through the 2026 annual meeting and act as special advisor during the transition. Mark Bertolini, a former Aetna CEO, was elected Chairman of the Board.
Schulman brings a mix of telecom, technology, and financial industry experience, having previously led PayPal through a period of significant growth—from $8 billion to $30 billion in revenue—while also holding senior roles at AT&T, Virgin Mobile, Priceline, and American Express. Verizon said Schulman will focus on expanding market share in both mobility and broadband, improving operational efficiency, and optimizing capital allocation. Vestberg’s transition follows a six-year tenure highlighted by Verizon’s early 5G deployment, multi-billion-dollar C-Band spectrum investment, and the pending $20 billion Frontier acquisition aimed at boosting broadband coverage.
Verizon reaffirmed its full-year 2025 financial guidance and confirmed its next earnings report for October 29, 2025. Schulman said his priority is to “redefine Verizon’s trajectory” and restore leadership in the telecom sector by aligning growth with cost efficiency and stronger customer engagement.
• Dan Schulman, former PayPal CEO and Verizon board member since 2018, appointed CEO effective immediately
• Hans Vestberg transitions to special advisor through 2026, remains on board until 2026 Annual Meeting
• Mark Bertolini becomes Chairman of the Board
• Frontier Communications integration remains on track for Q1 2026
• Verizon reiterates 2025 financial guidance; Q3 results scheduled for October 29
“I believe in Verizon and its future, and I am honored to be chosen to serve as CEO,” Schulman said. “We have a clear opportunity to redefine our trajectory by growing our market share across all segments while delivering sustainable, long-term growth for shareholders.”
🌐 Analysis:
Hans Vestberg’s tenure at Verizon represents one of the most consequential leadership eras in U.S. telecommunications. Before joining Verizon in 2017 as Chief Technology Officer and President of Global Networks, Vestberg had served six years as CEO of Ericsson, where he led the Swedish vendor through the transition to 4G LTE and early 5G research. His technical background proved central to Verizon’s strategy as the company positioned itself as the first global operator to deploy 5G commercially.
When Vestberg became CEO in 2018, Verizon faced flat subscriber growth and intensifying competition from AT&T and T-Mobile. Vestberg pivoted Verizon’s narrative around “network as a platform,” emphasizing reliability and technology leadership rather than content acquisitions. Under his direction, Verizon invested over $50 billion in network assets, including the landmark $45.5 billion C-Band spectrum purchase in 2021 that became the foundation of its 5G Ultra Wideband rollout. The company accelerated fiber backhaul and private 5G deployments, introduced Verizon Business Group offerings for enterprise and IoT, and expanded fixed wireless access (FWA), now reaching millions of households nationwide.
Vestberg also advanced Verizon’s sustainability and corporate citizenship goals, setting a target to achieve net-zero operational emissions by 2035 and investing in renewable energy power purchase agreements covering more than 3 gigawatts. He restructured Verizon’s consumer and business units, strengthened its digital services portfolio, and pursued major strategic transactions, including the pending $20 billion acquisition of Frontier Communications — a move designed to give Verizon control over critical broadband infrastructure across underserved markets.
While Verizon’s stock performance fluctuated under his leadership amid sector headwinds, Vestberg leaves behind a company with one of the most extensive 5G and fiber footprints globally, a clear broadband expansion path, and renewed operational discipline. His legacy mirrors the transformation of Verizon from a legacy mobile carrier into a diversified connectivity and infrastructure powerhouse.
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