Verizon Communications has named Dan Schulman, former Chief Executive of PayPal, as its new Chief Executive Officer, effective immediately. He steps into the role following Hans Vestberg’s departure as CEO.
Vestberg, who has led Verizon since 2018, will stay on through October 4, 2026 as a special adviser to help guide the transition, particularly the looming integration with Frontier Communications, which Verizon plans to close in early 2026. In addition, Vestberg will remain on Verizon’s board until the 2026 annual meeting.
Alongside the CEO announcement, Verizon also appointed Mark Bertolini—formerly co-chief of Bridgewater Associates—as the new Chair of its Board of Directors.
Background & Context
Schulman, age 67, is not new to Verizon: he’s served on its board since 2018 and was elevated to lead independent director in 2024.
Before this appointment, his most prominent role was as CEO of PayPal, where he guided significant growth and steered the company through its separation from eBay.
His leadership résumé also includes senior roles across sectors—he has held positions at AT&T, American Express, Virgin Mobile, and Priceline.
Vestberg’s tenure at Verizon was marked by aggressive investment in 5G infrastructure and an initiative to diversify into media and enterprise services, although Verizon later divested much of its media operations.
The forthcoming acquisition of Frontier Communications (worth some $20 billion) is seen by Verizon as a key move to broaden its fiber network and bolster its broadband footprint.
The leadership change arrives at a challenging moment for Verizon. Growth in its wireless business has slowed, and the company faces stiff competition from AT&T and T-Mobile.
Market watchers see the move as a signal that Verizon is aiming for renewed momentum and strategic repositioning
