Verizon taps former PayPal boss Dan Schulman to be CEO as telecom giant grapples with slowing growth

Core Insights - Verizon Communications has appointed Dan Schulman, former CEO of PayPal, as its new CEO, replacing Hans Vestberg, in a leadership transition aimed at addressing slowing growth in the wireless market [1][8] - The appointment comes amid rising competition and a decline in subscriber growth, with consumers showing reluctance to purchase premium plans [1][8] Leadership Background - Dan Schulman, aged 67, led PayPal for nearly a decade, overseeing its split from eBay and a significant increase in online transactions during the COVID pandemic [2][4] - Schulman has been on Verizon's board for seven years and emphasizes improving customer experience and driving financial results that exceed market expectations [4] Previous CEO's Tenure - Hans Vestberg's leadership included a $52 billion acquisition of key wireless C-Band spectrum and a $20 billion deal for Frontier Communications, alongside a $6 billion acquisition of TracFone Wireless [4][6] - Vestberg's tenure was characterized by substantial investments in 5G networks and attempts to diversify revenue, although the company later exited most media holdings [7][10] Market Context - Verizon is facing increasing pressure from competitors AT&T and T-Mobile US as the U.S. wireless market matures, leading to a challenging environment for subscriber growth [7][10] - The recent leadership change reflects a broader trend in the U.S. telecom sector, with market leaders adapting to fierce competition for consumer spending [11]