(Reuters) -Verizon Communications on Monday named former PayPal boss Dan Schulman as its new CEO, replacing Hans Vestberg in a leadership transition aimed at steering the telecom giant through slowing growth in the wireless market.
The move comes at a time when Verizon is battling rising competition against the backdrop of slowing subscriber growth and cautious consumers unwilling to buy premium plans offered by wireless carriers.
Vestberg, who took the helm in 2018, will remain with the company as
a special adviser through October 4, 2026, Verizon said.
Schulman, 67, led PayPal for nearly a decade before stepping down in 2023, steering the payments firm through its split from eBay and a surge in online transactions during the COVID-19 pandemic.
Vestberg's tenure at Verizon was marked by heavy investments in 5G networks and efforts to diversify revenue through media and enterprise services, though the company later exited most of its media holdings. Verizon has faced mounting pressure from rivals AT&T and T-Mobile US as the U.S. wireless market matures.
Verizon's stock has underperformed shares of rival telecom operators in the past few years.
The appointment comes a few weeks after competitor T-Mobile announced a CEO replacement, reflecting a changing U.S. telecom sector with market leaders working to attract consumer dollars amid fierce competition.
(Reporting by Akash Sriram in Bengaluru; Editing by Vijay Kishore and Maju Samuel)
