After Years of 5G Hype And Flat Returns… Verizon’s Handing the Phone to PayPal’s Turnaround Artist

On the brink of falling behind in a market it once dominated, Verizon Communications Inc. (NYSE: VZ) has called in a proven commodity to steer the next phase of its business. The company announced today that Dan Schulman, the former President and Chief Executive Officer of PayPal Holdings Inc., will take over as CEO effective immediately. Schulman replaces Hans Vestberg, who has led Verizon since 2018 and will stay on as Special Advisor through October 2026.

The timing is a critical part of the equation. Verizon’s stock is down roughly 3% over the past year, and after billions poured into 5G, Wall Street is still waiting for a payoff. The U.S. wireless market has hit cruise control (nearly every American already owns a smartphone) and with customers clinging to old plans, rivals AT&T and T-Mobile have been quietly poaching Verizon’s once-loyal base. The company that used to set the pace is suddenly playing catch-up.

That’s where Schulman comes in, a 67-year-old executive known for thriving in moments like this. At PayPal, he transformed the company from a spun-off eBay subsidiary into a fintech machine with $30 billion in annual revenue and hundreds of millions of users. His reputation for modernization, customer focus, and operational discipline makes him a natural choice for Verizon’s board… especially as the company looks to turn its size into speed.

“Verizon is at a critical juncture,” Schulman said. “We have a real opportunity to redefine our trajectory… growing market share across all segments while strengthening our financial foundation. My goal is to make Verizon simpler, faster, and more customer-centered… the easiest network to love, and the hardest to leave.”

Mark Bertolini, Verizon’s new Chairman, said Schulman brings the kind of mindset telecom companies often lack… a willingness to challenge tradition. “Dan knows how to navigate disruption and turn it into growth,” Bertolini said. “He’s been in the trenches of transformation before, and he’s not afraid to make the hard calls.”

Outgoing CEO Hans Vestberg sounded ready for the handoff. The Swedish-born executive, who led Verizon through its 5G rollout and major broadband buildout, said the company is “in a strong position” and that Schulman’s experience “positions Verizon to capture the next phase of growth.” Vestberg will continue to advise the company and assist with integration efforts as Verizon closes its $20 billion acquisition of Frontier Communications, which was approved by the FCC earlier this year. The deal will extend high-speed fiber access to roughly one million more U.S. households… a cornerstone of Verizon’s effort to offset slowing wireless growth with broadband expansion.

Schulman’s arrival marks an important turning point for Verizon. The years of throwing billions at 5G towers are behind it… now the focus shifts to actually turning those investments into growth that shows up on the balance sheet. Schulman built his career doing exactly that: taking sprawling, slow-moving machines and teaching them how to generate momentum again.

For Verizon’s 100 million-plus customers and its investors, the message is crystal clear: the company isn’t standing still. After years of playing defense in an ultra-competitive market, Verizon is betting that Schulman can do for telecom what he once did for digital payments… make an old system feel new again.

About Verizon Communications Inc.

Verizon Communications Inc. (NYSE: VZ) was formed in 2000 and is one of the world’s leading providers of technology and communications services. Headquartered in New York City, Verizon generated revenues of $136.8 billion in 2024 and serves consumers, businesses, and government clients globally through its wireless and broadband networks.

At the time of publishing this article, Stocks.News holds positions in Verizon and AT&T as mentioned in the article.