Verizon taps former PayPal boss Dan Schulman to be CEO | Latest Tech News
Verizon Communications on Monday named former PayPal boss Dan Schulman as its new chief govt officer, changing Hans Vestberg in a management transition aimed at steering the telecom giant through slowing growth in the wi-fi market.
The transfer comes as Verizon is battling rising competitors against the backdrop of slowing subscriber growth and cautious customers unwilling to buy premium plans supplied by wi-fi carriers.
Schulman, 67, led PayPal for almost a decade before stepping down in 2023, steering the funds firm through its cut up from eBay and a surge in online transactions during the COVID pandemic.
Dan Schulman led PayPal for almost a decade before stepping down in 2023, steering the funds firm through its cut up from eBay and a surge in online transactions during the COVID pandemic. Evan Agostini/Invision/AP
Schulman, who has served on Verizon’s board for seven years, is concentrated on enhancing the client expertise. He told staff in an e mail on Monday the teachings from PayPal that “mattered most during that time weren’t about technology or scale, they were about culture, listening to customers and empowering teams to drive real change.”
He added: “We must drive financial results that exceed current market expectations.”
Vestberg oversaw the $52 billion buy and clearing of key wi-fi C-Band spectrum in a 2021 public sale and then negotiated with regulators and airways over the deployment. He also struck a $20 billion deal to purchase Frontier Communications and a $6 billion acquisition of pre-paid cellphones supplier TracFone Wireless.
Verizon has also held talks about doubtlessly buying spectrum from EchoStar.
The transfer to exchange CEO Hans Vestberg comes as Verizon is battling rising competitors against the backdrop of slowing subscriber growth and cautious customers unwilling to buy premium plans supplied by wi-fi carriers. AP
“We’ve made transformational investments in C-Band spectrum that have positioned us to win in the next era of connectivity,” Vestberg said in a notice to staff on Monday. “We’re also on the verge of closing the acquisition of Frontier, which will further expand our broadband footprint and open up even more opportunities for growth.”
Verizon shares had been down 3% in morning trading.
Vestberg’s tenure at Verizon was marked by heavy investments in 5G networks and efforts to diversify income through media and enterprise providers, though the company later exited most of its media holdings. Verizon has confronted mounting stress from rivals AT&T and T-Mobile US as the US wi-fi market matures.
Verizon has confronted mounting stress from rivals AT&T and T-Mobile US as the US wi-fi market matures. Christopher Sadowski
Vestberg, who took the helm in 2018, will stay with the company as a particular adviser through October 2026.
Verizon’s stock has underperformed shares of rival telecom operators in the past few years.
The appointment comes a few weeks after T-Mobile announced a CEO alternative, reflecting a altering US telecom sector with market leaders working to entice client {dollars} amid the fierce competitors.
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