Verizon names board member and former PayPal CEO Schulman to its top post

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FILE - Then-PayPal CEO Dan Schulman participates in the Yahoo Finance All Markets Summit: A World of Change at The TimesCenter on Sept. 20, 2018, in New York. (Photo by Evan Agostini/Invision/AP, File)

FILE - A Verizon sign is displayed on a store, Sept. 30, 2025, in Cambridge, Mass. (AP Photo/Charles Krupa, file) — FILE - Then-PayPal CEO Dan Schulman participates in the Yahoo Finance All Markets Summit: A World of Change at The TimesCenter on Sept. 20, 2018, in New York. (Photo by Evan Agostini/Invision/AP, File)

Audio By Carbonatix

9:53 AM on Monday, October 6

By MICHELLE CHAPMAN

Verizon Communications is tapping the former CEO of PayPal to its top role, taking over the post from Hans Vestberg.

Dan Schulman, who has served as a Verizon board member since 2018 and is its lead independent director, will become CEO of the New York company immediately. Vestberg will serve as a special adviser through Oct. 4, 2026. During that time, he will focus on the transition process, which includes the integration with Frontier Communications, which is expected to close in the first quarter of next year.

Vestberg put together Verizon's 5G network strategy and oversaw its $20 billion deal to buy Frontier Communications so that Verizon can strengthen its fiber network. The transaction, which was announced in September 2024, is also a way for Verizon to shore up its foray into artificial intelligence as well as connected smart devices.

Vestberg will continue as a Verizon board member until its 2026 annual meeting.

Aside from serving as PayPal's CEO, Schulman has held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express.

“Verizon is at a critical juncture," Schulman said in a statement on Monday. “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.”