Verizon Chairman Mark Bertolini said Thursday that the company’s new CEO, former Paypal boss Dan Schulman, is striving to revive Verizon from its period of stock losses under former CEO Hans Vestberg.
Bertolini, who is also the Oscar Health The CEO and who was named president of Verizon last month, told CNBC’s Becky Quick on “Squawk Box” that the company needs to “do something different” as it undergoes a leadership change.
“Verizon went from number one in terms of market cap, bond rating and market share to number three. And the network is no longer as differentiated as it used to be, largely because everyone has spent money to build these 5G networks,” Bertolini said. “So losing 30% market share over the last eight years is a problem, and we need to do something different.”
In October, the company announced that Schulman would replace Vestberg, who had led the company since 2018. In a statement at the time, Schulman said Verizon was at a “critical juncture” and that he believed the company had “a clear opportunity to redefine our trajectory.”
Schulman previously led PayPal through significant revenue growth and has served on Verizon’s board of directors since 2018.
Vestberg remains a member of the board of directors until the 2026 annual meeting and serves as special advisor until October 4, 2026.
Bertolini said Thursday that Schulman is evaluating the underlying cost structures and other aspects of the business to ensure its success.
“We think once we have this plan in place, we will have a good story,” Bertolini said. “The Street reacted early on saying there was going to be a price war; I think it’s less about a price war and more about the value of what we’re offering people through the product.”
Bertolini added that Schulman would reveal his plan to turn around the company “as soon as possible.”
“The board had to act, and we acted,” Bertolini said.