NEW YORK, October 6, 2025 – Verizon Communications Inc. (VZ) appointed former PayPal Holdings Inc. CEO Daniel Schulman as chief executive officer, replacing Hans Vestberg who led the telecom giant since 2018 1.
The leadership change brings digital payments expertise to America’s largest wireless carrier as it navigates competitive pressures and seeks growth beyond traditional telecom services.
- Schulman succeeds Hans Vestberg as Verizon CEO effective immediately
- Former PayPal chief brings digital innovation experience to telecom
- Board member since 2018, recently named lead independent director
Leadership Transition
Schulman, who served as PayPal’s president and CEO from 2014 to 2022, has been a Verizon board member since 2018 and was appointed lead independent director in December 2024 2. The appointment was effective immediately as of October 4, 2025, according to a Securities and Exchange Commission filing 3.
Vestberg, who has served as CEO since 2018 and chairman since 2019, will step down from both roles as part of the transition 1. Under his leadership, Verizon invested heavily in 5G network infrastructure and wireless spectrum.
Digital Innovation Focus
Schulman’s background spans mobile technology and digital payments, having previously served as founding CEO of Virgin Mobile USA before joining PayPal 4. His appointment signals Verizon’s intent to leverage digital innovation as traditional wireless growth slows.
The telecommunications sector faces intensifying competition from cable companies and streaming services, while carriers seek new revenue streams beyond voice and data services. Verizon competes directly with AT&T Inc. (T) and T-Mobile US Inc. (TMUS) in the wireless market.
Board Expertise
Verizon’s board cited Schulman’s “extensive experience in mobile technology and innovation” from his roles at PayPal and Virgin Mobile 4. His tenure at PayPal coincided with the company’s expansion into mobile payments and digital financial services.
Schulman also serves as lead independent director at investment bank Lazard Ltd., adding financial services expertise to his technology background 5. This combination of experience positions him to potentially explore new business models for Verizon.
Strategic Implications
The CEO change comes as Verizon seeks to monetize its 5G network investments and compete with technology companies entering telecommunications. The company has explored partnerships in areas including healthcare, education and enterprise services.
Schulman’s digital payments background could prove valuable as Verizon considers financial technology opportunities and seeks to differentiate its services in an increasingly commoditized wireless market.
Not investment advice. For informational purposes only.
References
1“Verizon Names Lead Director Daniel Schulman as New Chief Executive”. The Wall Street Journal. Retrieved October 6, 2025.
2“Verizon names Dan Schulman as new CEO”. Breaking The News. Retrieved October 6, 2025.
3“VERIZON COMMUNICATIONS INC Reports Material Event”. Stock Titan. Retrieved October 6, 2025.
4“Daniel H. Schulman – Verizon Board of Directors”. Verizon Communications Inc. Retrieved October 6, 2025.
5“Lead Independent Director of Lazard Appointed CEO of Verizon”. MarketScreener. Retrieved October 6, 2025.