After a slump in subscriber numbers (fixed-wireless 5G excluded), the telecom firm’s board replaces Hans Vestberg with Dan Schulman.
After seeing wireless subscriptions decline while it’s raised rates and fees on its services, Verizon is responding–by changing CEOs.
The New York firm announced Monday that its board had named its former lead independent director, Dan Schulman, as its new CEO, replacing Hans Vestberg in that role.
Schulman, who worked as PayPal’s chief executive from 2015 to 2023, starts immediately, while Vestberg will move to a “Special Advisor” role through Oct. 4, 2026, focused on closing out Verizon’s $20 billion purchase of the wireline carrier Frontier Communications.
In a LinkedIn post Monday, Schulman shared a message he sent to Verizon employees.
“Today, we stand at an important moment—we are going to move quickly and boldly to win in both mobility and broadband,” he wrote. “I fully intend for us to regain our leadership by growing share across all segments of the market, by consistently delighting our customers.”
Context for that “growing share” to-do item came in Verizon’s Q2 earnings, when the firm reported $5.
