Verizon CEO Dan Schulman left Montana ranch for company — Fortune
Verizon CEO Dan Schulman returned from retirement in October 2025 to lead the telecommunications company. Before that, he had declined the board of directors’ offer several times, as after stepping down from PayPal in 2023 he had been living with his wife, Summerly, on a ranch in Montana, where he kept about 900 head of cattle, Fortune reports.
Return from retirement
Schulman had been a member of Verizon’s board of directors since 2018 and had served as its lead independent director since December 2024. He knew the company’s management and business, which was losing market share and falling behind competitors. According to Schulman, the board had a plan to overcome the problems, but it did not work, so his appointment became an alternative option.
The executive said he initially did not want to become a CEO again because of the workload: according to him, the working day in such positions lasts from 10 to 14 hours. A sense of duty and his wife’s support ultimately convinced him to agree. Schulman believed Verizon had the resources to recover, including about 150 million customer lines.
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Job cuts and results
At his first meeting with employees, Schulman called Verizon a large company that had fallen behind competitors because of slow decision-making and an overly hierarchical culture. According to him, some processes required about 35 approvals. In November 2025, Verizon began cutting more than 13,000 jobs, the largest reduction in the company’s history.
The three-year transformation plan calls for faster decisions, a willingness to experiment, and a greater focus on customers rather than only network quality. In the third quarter of 2026, Verizon recorded a net increase of 406,000 postpaid phone lines, compared with 44,000 a year earlier. Customer acquisition costs through promotions fell by 41%, while free cash flow rose by 12% to $7.8 billion. Schulman’s contract was extended through December 2028.
