Verizon has picked former PayPal head Dan Schulman to serve as its new CEO as the company enters its “next phase” of growth, Verizon board chair Mark Bertolini says in the Monday announcement. Starting today, Schulman will replace outgoing CEO Hans Vestberg, who will now serve as a special advisor through October 4th, 2026.

After working in executive positions across AT&T, Priceline, Virgin Mobile, and American Express, Schulman was appointed CEO of PayPal in 2014 following the company’s breakup with eBay. Schulman stepped down in 2023 and was succeeded by Intuit’s former chief product officer, Alex Chriss. Verizon’s CEO swap comes just weeks after T-Mobile CEO Mike Sievert stepped down, with the carrier’s chief operating officer, Srini Gopalan, taking his place.

“We have a clear opportunity to redefine our trajectory, by growing our market share across all segments of the market, while delivering meaningful growth in our key financial metrics,” Schulman says in the press release. “I look forward to working with our employees, our regulators, our partners, and the Board to do the hard work it takes to regain our leadership in our sector across mobility and broadband.”