Verizon Replaces CEO With New Chief Promising to Restore Growth

Verizon Names Dan Schulman to Succeed Vestberg as CEO

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By Kelcee Griffis

October 6, 2025 at 12:38 PM UTC

Updated on

October 6, 2025 at 7:00 PM UTC

Verizon Communications Inc., conceding it has fallen behind rivals in wireless and broadband service, replaced its chief executive officer of seven years, appointing a new leader with experience in telecom and financial technology.

Dan Schulman, 67, who became lead independent director in December, takes over immediately, Verizon said Monday, with a mandate to revive growth and improve the company’s fortunes. The former CEO of PayPal Holdings Inc., he replaces Hans Vestberg, 60, a former Ericsson AB executive who has led the company since 2018.