Who Is Dan Schulman? Former PayPal Head Appointed as Verizon’s New CEO

Verizon Communications Inc. has appointed Daniel Schulman, former Chief Executive Officer of PayPal Holdings Inc., as its new Chief Executive Officer, effective immediately. The company also announced that Mark Bertolini has been appointed Chairman of the Board of Directors, marking a concurrent change in leadership.

Dan Schulman succeeds Hans Vestberg, who has led Verizon since 2018. Vestberg will remain with the company as Special Advisor for one year, starting on October 4, 2026, to assist with the transition and the integration of Frontier Communications, a deal expected to close in the first quarter of 2026. He will continue to serve on Verizon’s Board of Directors until the company’s Annual Meeting in 2026.

Bertolini expressed strong confidence in Schulman’s appointment, highlighting his extensive experience and record of achievement.

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

Bertolini also recognized Hans Vestberg’s contributions, acknowledging his role in strengthening Verizon’s network and culture of innovation.

“Hans Vestberg has been an extraordinary leader for Verizon, leading a new era of network investment and creating an innovative culture. Our company is better for his passion and vision. Having created a network that is unmatched and with the upcoming close of the Frontier transaction, the Board and Hans discussed that now is the right time for a CEO transition. On behalf of the entire Board, we thank Hans for his outstanding service to all of Verizon’s stakeholders.”

Schulman brings with him extensive financial and operational expertise from his leadership roles across several major companies, including AT&T, Priceline, Virgin Mobile, and American Express. During his tenure as CEO of PayPal Holdings Inc., he led the company through a period of major growth—tripling revenue from $8 billion to $30 billion, increasing earnings per share fivefold, and expanding PayPal’s user base to hundreds of millions worldwide.

“I believe in Verizon and its future, and I am honored to be chosen to serve as CEO,” Schulman said. “Verizon is at a critical juncture. We have a clear opportunity to redefine its trajectory by growing our market share across all segments, 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.”

He added:

“I want to thank Hans 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 been a member of Verizon’s Board of Directors since 2018 and was appointed Lead Independent Director in December 2023. He now steps into the CEO role as Verizon focuses on strengthening its market position and delivering sustainable long-term growth.

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