Ex-PayPal boss, takes the helm as telecom giant faces slowing growth and rising industry pressure.

Verizon announced the appointment of Dan Schulman, the former CEO of PayPal, as its new chief executive officer, replacing Hans Vestberg.

Schulman, 67, brings a decade of experience from the fintech world, having led PayPal through its split from eBay, a period of accelerated digital payments growth during the COVID-19 pandemic, and a major corporate transformation.

He officially stepped down from PayPal in 2023 but has served on Verizon’s board of directors for the past seven years.

The leadership change comes as Verizon contends with slowing subscriber growth, intensifying price wars and cautious consumer spending on premium wireless plans. Verizon’s shares dropped 3 per cent in early Monday trading following the announcement.

Schulman addressed employees in a company-wide email shortly after the news broke, “The lessons from PayPal that mattered most during that time weren’t about technology or scale,” Schulman wrote. “They were about culture, listening to customers, and empowering teams to drive real change.” He added, “We must drive financial results that exceed current market expectations.”

Hans Vestberg, who took over as Verizon CEO in 2018, will remain with the company as a special adviser through October 2026. His tenure was marked by aggressive investment in 5G infrastructure and spectrum acquisition, including a $52 billion purchase of crucial C-Band spectrum during a 2021 FCC auction. That move helped Verizon lay the groundwork for next-generation wireless services, although the return on investment has been slower than anticipated.

Vestberg also expanded Verizon’s footprint through several major acquisitions, including the $6 billion purchase of prepaid mobile provider TracFone Wireless and a pending $20 billion deal to acquire Frontier Communications, aimed at boosting the company’s broadband reach.

“We’ve made transformational investments in C-Band spectrum that have positioned us to win in the next era of connectivity,” Vestberg said in a farewell note to employees. “We’re also on the verge of closing the acquisition of Frontier, which will further expand our broadband footprint and open up even more opportunities for growth.”

Despite these moves, Verizon’s stock has under-performed compared to rivals AT&T and T-Mobile in recent years, and the company has struggled to diversify its revenue after divesting from most of its media holdings.

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