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How CEO Dan Schulman is shaking up Verizon
Fortune • • business
Key Points:
- At age 67, Verizon CEO Schulman came out of retirement to lead a major turnaround, aiming to dismantle bureaucratic inefficiencies and revitalize the company amid mounting competitive pressures and customer losses.
- Verizon’s network advantage has eroded as competitors like T-Mobile and AT&T gained significant market share, while new threats such as SpaceX’s $8 billion spectrum purchase loom on the horizon.
- Schulman has implemented aggressive cost cuts, including a 13% workforce reduction, and shifted focus towards customer-centric pricing and service improvements, resulting in early signs of subscriber growth and improved quarterly performance.
- He is pushing for a cultural transformation within Verizon, demanding higher ambition, faster decision-making, and a willingness to embrace risk to keep pace with rapid technological changes like AI and evolving market dynamics.
- Verizon is leveraging AI and infrastructure investments to support future growth, including partnerships with major cloud providers, while Schulman remains confident in Verizon’s ability to compete fiercely against emerging challengers like SpaceX.
