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New CEOs are the hot thing in telecom right now it seems. Right on the heels of T-Mobile’s new CEO announcement, Verizon has also declared they’re appointing a new CEO of their own.
Dan Schulman, a seasoned executive with a rich history in telecommunications and technology, has been put forth as Verizon’s new Chief Executive Officer. The move, effective immediately, also now sees the departure of Hans Vestberg, who has led the company since 2018.
Schulman has been a member of Verizon’s board since 2018 and its lead independent director since December 2024, so it’s actually more natural than you might think. That being said, he’s still a CEO with, let’s just say, profitable fintech origins.
He’s a well-known figure in the corporate world, most recognized for his transformative tenure as the CEO of PayPal from 2015 to 2023. Under his leadership, PayPal’s revenue tripled from $8 billion to $30 billion, and he oversaw its evolution into a global digital payments powerhouse after its separation from eBay.
In a memo to employees on his first day, Schulman drew parallels between the potential he sees at Verizon and his experience at PayPal.
The appointment marks a return to his roots for Schulman, who began his career at NJ Bell (part of what became AT&T) and has spent 25 years in the telecom industry, eventually becoming President of AT&T consumer division. His extensive resume includes serving as the founding CEO of Virgin Mobile USA, where he grew the company to over 5 million customers and $1.3 billion in annual sales before its acquisition by Sprint Nextel (which was eventually purchased by T-Mobile).
He also once held senior leadership positions at both Priceline.com and American Express, where he was responsible for expanding mobile and online payment services. He even did a stint as President of the prepaid group at T-Mobile for a while.
In his initial communication as CEO, Schulman stated that “we are 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.”
He has outlined a strategy focused on maximizing value propositions, reducing the cost to serve customers, and optimizing capital allocation to drive sustainable long-term growth for shareholders.
Only time will tell how this change will affect Verizon. Could the company do what T-Mobile once did, and become the new “Un-Carrier”? Probably not, but who knows!
