Verizon Communications has appointed former PayPal chief Dan Schulman as its new chief executive officer (CEO), succeeding Hans Vestberg in a leadership transition aimed at navigating slowing growth in the wireless market.
The change comes as Verizon faces intensifying competition amid decelerating subscriber additions and more cautious consumers reluctant to opt for premium wireless plans.
Further, as per Verizon Vestberg, who became CEO in 2018, will stay on as a special adviser through October 4, 2026. Schulman led PayPal for nearly a decade before stepping down in 2023, guiding the company through its separation from eBay and a surge in online payments during the COVID-19 pandemic.
Vestberg’s tenure at Verizon featured major investments in 5G networks and efforts to broaden revenue via media and enterprise services, though the company later divested most of its media assets. Verizon has continued to face pressure from AT&T and T-Mobile US as the U.S. wireless market matures.
Similarly, the appointment follows T-Mobile’s recent CEO change, underscoring a shifting U.S. telecom landscape in which leading carriers are competing aggressively for consumer spending.
