Verizon Names New CEO to Lead Post-5G Era
▼ Summary
– Verizon has appointed former PayPal CEO Dan Schulman as its new CEO, replacing outgoing CEO Hans Vestberg effective immediately.
– Vestberg will serve as a special advisor through October 2026 after leading Verizon since 2018 and overseeing its 5G launch and expansion.
– Under Vestberg’s leadership, Verizon acknowledged declining phone upgrade cycles and completed a $20 billion acquisition of Frontier fiber internet.
– Schulman brings executive experience from PayPal, AT&T, and other major companies, having stepped down as PayPal CEO in 2023.
– Schulman aims to grow Verizon’s market share across all segments and restore leadership in mobility and broadband sectors.
Verizon has appointed Dan Schulman, the former chief executive of PayPal, as its new CEO to guide the telecommunications giant into its next chapter of expansion. The announcement was made by Verizon board chairman Mark Bertolini, who described this leadership transition as pivotal for the company’s future direction. Schulman assumes the role immediately, taking over from Hans Vestberg, who will remain with Verizon in an advisory capacity until October 2026.
During his tenure beginning in 2018, Vestberg was instrumental in launching Verizon’s nationwide 5G network and overseeing its subsequent rollout. He also navigated a significant shift in consumer behavior, noting recently that customers are now keeping their mobile devices for periods “well beyond 36 months,” signaling a departure from the era of frequent yearly upgrades. Under his leadership, Verizon completed the $20 billion acquisition of fiber internet provider Frontier, a deal that received regulatory approval after the company made certain commitments regarding its internal practices.
Schulman brings a wealth of executive experience from major corporations including AT&T, Priceline, Virgin Mobile, and American Express. He took the helm at PayPal in 2014 after its separation from eBay and led the company until 2023, when Alex Chriss, previously Intuit’s chief product officer, succeeded him. This change in leadership at Verizon follows closely on the heels of a similar shift at rival T-Mobile, where CEO Mike Sievert recently stepped down and was replaced by the company’s COO, Srini Gopalan.
In an official statement, Schulman outlined his vision, emphasizing the potential to reshape Verizon’s future. “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,” he remarked. He expressed his eagerness to collaborate with employees, regulators, partners, and the board to restore Verizon’s leading position in both the mobility and broadband sectors.
(Source: The Verge)
