Who is Dan Schulman? Former PayPal boss replaces Hans Vestberg as Verizon CEO

Verizon's room of directors named Dan Schulman, former CEO of PayPal, as its next CEO on Monday. Schulman succeeds Hans Vestberg, who has managed the corporation since 2018. The company's shares fell almost 2% in morning trading.

Vestberg will continue to act as a special advisor until October 4, 2026, and on the board of directors through the 2026 annual meeting, according to Verizon, in order to facilitate a seamless transition and complete the acquisition of Frontier Communications.

Mark Bertolini will serve as the chairman of Verizon's board of directors, the firm stated.

“The board is thrilled to have Dan as Verizon’s next CEO, and embark on a new chapter of growth and sector leadership,” Bertolini stated,. “Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence. He is the right leader to chart Verizon’s next phase of increased customer focus and financial growth.”

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According to the release, Schulman raised PayPal's revenue from $8 billion to $30 billion while adding “hundreds of millions” of new consumers to the worldwide payment platform. He's been on Verizon's board of directors since 2018.

Stating that Verizon “is at a critical juncture”, Schulman remarked, “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. We are going to maximize our value propositions, reduce our cost to serve, and optimize our capital allocation to delight our customers and deliver sustainable long-term growth for our shareholders.”

Vestberg is credited with developing the company's 5G network plan. He was appointed CEO in 2018 and chairman of the board in 2019. He noted in a statement that it was "time to pass the baton" to Schulman.

In addition, Verizon reaffirmed its previously released financial guidance for the full year 2025.

The Federal Communications Commission declared in May that it had authorized Verizon's $20 billion acquisition of fiber-optic internet provider Frontier. After questioning Verizon about its diversity, equality, and inclusion initiatives and suggesting that they would play a role in the Frontier purchase, FCC chair Brendan Carr approved the merger after the firm agreed to terminate those initiatives.

According to Verizon, the agreement will enable it to add more fiber to almost 1 million American homes, enhancing and growing Frontier's nationwide network capabilities. Verizon referred to the purchase as "a cornerstone" of its plan to expand its broadband network.

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