Verizon on Monday named Dan Schulman, the former chief executive of PayPal, as its new boss, replacing Hans Vestberg who had led the company since 2018.
The leadership change, effectively immediately, comes as the telecommunications company faces a slowing U.S. wireless market. Verizon is battling slowing subscriber growth, increasing competition from rivals like AT&T and T-Mobile and growing caution from consumers about spending on premium mobile plans.
Against that backdrop, Verizon is betting on Mr. Schulman, a veteran executive known for transforming PayPal after it split from eBay, to guide the company through its next phase.
“Verizon is at a critical juncture,” Mr. Schulman said in a statement. “We have a clear opportunity to redefine our trajectory.”
Mr. Schulman, 67, expanded PayPal’s customer base and grew its revenues during his nearly decade-long run at the digital payments giant. He has also served on Verizon’s board of directors since 2018.
The company said Mr. Vestberg, who has served as chairman of Verizon’s board of directors since 2019, would remain on the board until its 2026 annual meeting. In addition, he will stay on as a special adviser through next October to assist with executive transition efforts and oversee the pending acquisition of Frontier Communications.
Shares of Verizon fell slightly in early trading on Monday.
The leadership change comes weeks after Verizon’s competitor T-Mobile also named a new chief executive, highlighting a broader shift in the telecommunications industry as companies race to devise new strategies to attract and retain customers.
Kailyn Rhone is a Times business reporter and the 2025 David Carr fellow.
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