Verizon’s new CEO Dan Schulman is working to revive the company after share losses under former CEO Hans Vestberg, according to chairman Mark Bertolini. The company has seen a 30% share loss over the last eight years due to increased competition in the 5G network space.

Schulman, who previously led PayPal, aims to redefine Verizon’s trajectory at a “critical juncture.” He is evaluating the company’s cost structures to ensure success. Vestberg will remain on the board until 2026 and serve as a special advisor until October 2026.

Bertolini believes Schulman will reveal his plan for the company’s turnaround “sooner rather than later.” The focus will be on the value of the product offered rather than engaging in a price war. The board acted swiftly to address the company’s challenges.

Read more at CNBC: Verizon chairman Mark Bertolini says board needed to revive company