Why Has Verizon Chosen PayPal’s Dan Schulman As New CEO?

The former CEO of PayPal Holdings, Dan Schulman, has been appointed the new CEO of Verizon Communications, replacing Hans Vestberg.

This leadership transition aims to steer the telecom giant towards increased growth in the wireless market.

Discussing Dan’s appointment, Verizon’s Chair of the Board Mark Bertolini says: “The Board is thrilled to have Dan as Verizon’s next CEO, and embark on a new chapter of growth and sector leadership.

“Dan is a seasoned and decisive leader with a unique set of experiences, and a proven record of transformative leadership and operational excellence.

He is the right leader to chart Verizon's next phase of increased focus and financial growth.”

Verizon says he brings his expertise in telecommunications, technology and financial sectors to lead the company’s strategies.

Successes at PayPal

Dan led PayPal for nearly a decade before he stepped down in 2023. Sharing a message to employees at the time, he said: “I have a long list of things I want to celebrate with you.

“Of course, our financials are an important arbiter of our shareholders - but the most impactful things we did as a team were that we always tried to take care of each other, pursued our mission and vision, and held true to a set of values that mattered to us.

“We didn’t just talk about our values, we acted on them.”

In this role, he successfully led the company’s transformation into a global payments platform, tripling revenue from US$8 billion to US$30 billion, increasing earnings per share fivefold, and bringing hundreds of millions of new customers to the PayPal platform.

He has also held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express, contributing to innovation and growth.

The future of Verizon

Dan is no stranger to Verizon. He has served on its board of directors for over seven years and was elected Lead Independent Director at the end of 2024.

In a statement, he says: “I believe in Verizon and its future, and I am honoured to be chosen to serve as CEO.

“Verizon is 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.”

Dan also outlined areas he will be focusing on in his tenure:

• Maximising value propositions 
• Reducing cost to serve 
• Optimising capital allocation
• Delivering sustainable long-term growth for shareholders

From Verizon’s announcement of the new CEO on 6 October 2025 to 4 October 2026, Hans will be serving as a Special Advisor through this period to help ensure a smooth transition.

This particularly focuses on the integration with Frontier Communications after their US$20bn acquisition, according to Verizon.

The company describes the former CEO as the “architect” of their 5G network - leading its broadband expansion strategy including Frontier Communications and expanding 5G networks.

Reflecting on Hans’ tenure, Mark says: “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 the CEO transition.

“On behalf of the entire Board, we thank Hans for his outstanding service to all of Verizon’s stakeholders.”

In a post on LinkedIn, Hans says that leading Verizon has been the greatest privilege of his career, adding: “Dan has the vision to lead us forward and will guide Verizon into a future of growth and innovation.”