Verizon CEO Hans Vestberg Replaced By Former PayPal Leader Dan Schulman

The carrier giant’s CEO transition includes former company head Hans Vestberg staying on as an advisor for a year as Verizon completes its $20 billion Frontier Communications buy.

Verizon CEO Hans Vestberg is no longer at the helm of the telecom giant.

Effective immediately, the company’s board of directors has appointed independent lead director and former PayPal CEO Dan Schulman (pictured) as Verizon’s new leader, Verizon announced on Monday.

Vestberg, for his part, will serve as special advisor through next October and will help ensure a smooth transition and finalize the telecom’s Frontier Communications integration, which is expected to close in the first quarter of 2026, the company said in a statement.

“This morning, I stepped down as CEO and Chairman of Verizon. Leading Verizon over the past eight years has been the greatest privilege of my career, and I’m filled with pride and gratitude for what we’ve accomplished. We built America’s best and most trusted network that will serve our customers and company for years to come. [Schulman] has the vision to lead us forward and will guide Verizon into a future of growth and innovation,” Vestberg said in a LinkedIn post on Monday.

Reports first surfaced in 2023 that Verizon was working with an executive recruiting firm to find a new CFO that could later succeed the carrier’s CEO Hans Vestberg, who had been at the helm of the company since 2018.

Verizon in a U.S. Securities and Exchange Commission filing said that Schulman’s compensation would be determined at a future date.

Verizon in its statement on the CEO transition called Vestberg “the architect of Verizon’s 5G network strategy, which powers and empowers how Verizon customers live, work and play.” Under his leadership, Verizon doubled down on its telecom roots by expanding its 5G network nationally, bought more C-Band spectrum to power the company’s 5G strategy and carried out the pending $20 billion acquisition of Frontier Communications, which the carrier called a “cornerstone” of Verizon’s broadband expansion plans.

The 67-year-old Schulman, for his part, brings financial and operational leadership experience with large public companies, as well as experience in telecommunications, technology, and financial sectors. He most recently served as CEO of PayPal Holdings Inc., a post he held for nine years until 2023. He is also currently on Cisco’s board of directors.

“Verizon is at a critical juncture. 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,” Schulman said in a statement on his appointment. “I want to thank [Vestberg] for his remarkable leadership and all he has contributed to Verizon. I deeply appreciate his friendship and support in this transition. I look forward to working with our employees, our regulators, our partners, and the Board to do the hard work it takes to regain our leadership in our sector across mobility and broadband.”

Schulman has also held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express, and has served on the Verizon board of directors since 2018. He was elected lead independent director of the board last December.