Verizon officially entered a new chapter of leadership this week, announcing Dan Schulman as its next CEO. While Schulman may be new to the corner office, he’s hardly a stranger to the company. He has served on Verizon’s board of directors since 2018, and was appointed Lead Independent Director in late 2024. Now, he’s stepping in to lead the company as Hans Vestberg steps down from the role he held for six years. In his first memo to employees on Monday, Schulman acknowledged the legacy left by Vestberg, thanking him for building an unmatched network and fostering a culture of innovation. Vestberg’s tenure saw transformational investment across the company, from the high-stakes acquisition of C-Band spectrum powering Verizon’s 5G leadership to the pending purchase of Frontier Communications a move central to the company’s broadband strategy.
Schulman is no stranger to the telecommunications industry. Before his better-known stint as CEO of PayPal, he spent a quarter-century in telecom leadership roles. His resume includes CEO of Virgin Mobile, president of AT&T’s consumer division, and head of the prepaid group at Sprint Nextel. He began his career as an Assistant Account Executive at NJ Bell, making his return to Verizon feel, in his words, like coming home. However, it was Schulman’s transformative time at PayPal that turned him into a business-world heavyweight. From 2015 to 2023, he led the company through its evolution from a payments platform into a global fintech force, tripling revenue from $8 billion to $30 billion. He was also the first to lead PayPal after its separation from eBay. Schulman’s passion for customer-focused culture and team empowerment key lessons from his PayPal years will now guide his approach at Verizon.
In his memo to employees, Schulman described Verizon as a company brimming with energy and potential. He emphasized the importance of listening to customers, empowering teams, and building a culture that drives change. Despite Verizon’s challenges in recent years, including intensifying competition in the mobility and broadband sectors, Schulman expressed confidence that the company is well-positioned for a bold resurgence. He called on employees to act with urgency and purpose, promising a renewed effort to grow market share across all segments. His priorities include delivering exceptional customer experiences and exceeding market expectations on financial performance.
Schulman was candid in identifying the company’s biggest advantage: its people. He urged employees to stay focused on what truly matters earning trust, loyalty, and love from customers. His message was clear: Verizon’s strength lies not just in its infrastructure or investments, but in the everyday actions of its workforce. The memo closed with Schulman calling on teams to finish the fourth quarter strong and build momentum heading into 2026. While challenges lie ahead, Verizon’s new CEO is determined to drive a new era of growth and performance, powered by experience, ambition, and a renewed sense of purpose.
Below is the full, unedited text of Dan Schulman’s first internal memo to Verizon employees on his first day as CEO:
Today I have the honor of being appointed as Verizon's CEO, and I could not be more excited.
I've had the privilege of working alongside Hans during my seven years on the Verizon Board, and I watched him create an unmatched network and an innovative culture. Hans has executed transformational investments that have set Verizon up for success, including the purchase of C-Band spectrum to power the company's 5G leadership and the pending acquisition of Frontier Communications, which is a cornerstone of Verizon's broadband expansion strategy. On behalf of the Board and everyone at the company, I want to thank Hans for his extraordinary leadership, unwavering passion, and eight years of transforming Verizon.
We will have time to get to know each other, but I most recently spent nearly a decade as CEO of PayPal as we grew from a payments company to a platform that opened access to financial services for hundreds of millions of people around the world. The lessons 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. The energy and potential I see today at Verizon reminds me of my days at PayPal.
My professional life started as an Assistant Account Executive at NJ Bell and I have since spent 25 years in the telecom industry. In many ways this is like coming home for me.
Today, we stand at an important moment we are going to move quickly and boldly to win in both mobility and broadband. I fully intend for us to regain our leadership by growing share across all segments of the market, by consistently delighting our customers. At the same time, we must drive financial results that exceed current market expectations. We must also deliver for our shareholders.
The biggest competitive advantage we have is our team. Every day, we have to focus on what truly matters to our customers. We want them to trust us, love us and stay with us.
I'm looking forward to working with everybody to finish Q4 strong and build momentum for 2026. I appreciate everyone's support and look forward to hearing from you and being part of the next chapter of growth.
Go Verizon!
