Verizon named former PayPal CEO Dan Schulman as its new chief executive, causing a 3% drop in shares. Schulman aims to grow market share and financial metrics. The company plans to reduce costs and optimize capital allocation. Vestberg, the outgoing CEO, oversaw major 5G investments but struggled with subscriber growth.

Schulman’s plan includes maximizing value propositions and reducing costs. He increased PayPal’s revenue to $30 billion but faced stock declines. Schulman has experience at AT&T, Priceline, Virgin Mobile, and American Express. The new CEO aims to redefine Verizon’s trajectory and regain market share in wireless and broadband.

Vestberg will serve as a special adviser until 2026 as Verizon works on acquiring Frontier Communications. Schulman’s appointment marks the start of a new chapter for the company. Verizon is facing challenges like high churn rates and slowing customer growth due to competition and price increases.

Read more at Yahoo Finance: Verizon taps Dan Schulman as new CEO with company at ‘critical juncture’