Dan Schulman, Verizon CEO, on AI, Layoffs & Punching Back | The CEO Signal

Why It Matters

Verizon’s aggressive cultural and operational overhaul under Schulman could revive its market leadership and demonstrate how legacy telecoms can adapt to AI‑driven competition, affecting investors and the industry’s future direction.

Key Takeaways

• Schulman returned from retirement to lead Verizon’s turnaround
• Verizon lost market share, churn rose, prompting aggressive restructuring
• A “play‑to‑win” mindset drives cultural reset and customer focus
• Ten transformation initiatives include AI reskilling and cost‑saving layoffs
• Open board communication underpins decisive actions and shareholder confidence

Summary

Dan Schulman, former PayPal chief, stepped out of retirement to become Verizon’s CEO, tasked with reversing a five‑year decline in market share, rising churn, and a slipping market‑cap. He framed the mission as a “play‑to‑win” attitude, borrowing metaphors from his martial‑arts training and his Montana ranch, insisting the company will no longer be a punching bag in the industry.

Schulman outlined a comprehensive turnaround plan: a cultural reset away from bureaucratic, risk‑averse habits, ten cross‑functional transformation initiatives, and a $5 billion cost‑saving target. The plan includes a sharp, one‑time layoff of roughly 13,000 employees, aggressive AI reskilling for the remaining workforce, and a focus on customer‑centric outcomes to rebuild trust and regain leadership.

He illustrated his leadership philosophy with vivid anecdotes—Krav Maga’s “never stand still” principle, the communal spirit of his working ranch, and the need for humility despite confidence. He emphasized transparent dialogue with the board, describing open communication as “the secret to a good marriage,” to secure board buy‑in and maintain shareholder confidence.

If executed, the reset could restore Verizon’s competitive edge, stabilize its stock, and set a benchmark for legacy telecoms confronting rapid digital disruption. The AI upskilling and cost discipline signal a shift toward a more agile, customer‑first organization, with implications for investors, employees, and the broader industry.

Original Description

“If somebody’s going to punch me, I’m going to punch back,” Verizon CEO Dan Schulman says in this episode of The CEO Signal.

Schulman, who came out of retirement six months ago to lead the $200 billion telecoms company, reveals that he initially turned the job down — twice. But his mandate is blunt: stop losing customers to its rivals, regain Verizon’s “swagger,” and move it from a defensive posture to one that is “playing to win.”

That reset has come with hard choices. Schulman discusses Verizon’s major restructuring, why he chose to announce 13,000 job cuts all at once rather than “bleed it out over multiple quarters,” and why he thinks CEOs have responsibilities to employees who are leaving as well as those who remain.

Schulman describes the job of leadership as defining reality while inspiring hope — even when the reality is uncomfortable.

Schulman also looks ahead to the convergence of AI, quantum computing and robotics, and argues that CEOs need to be open-minded, humble and fast-moving. “A quick decision that is wrong and you self-correct,” he says, “is way better than spending months creating the perfect decision.”

About the show

The CEO Signal is Semafor’s interview platform for conversations with the global CEOs whose decisions are shaping the future of the new world economy. Hosted by Penny Pritzker and Andrew Edgecliffe-Johnson, the show explores the moments of judgment that define leadership.

Penny Pritzker is the founder and chairman of PSP Partners and served as U.S. Secretary of Commerce from 2013 to 2017.

Andrew Edgecliffe-Johnson is CEO Editor at Semafor and a former Financial Times journalist who has spent decades covering global companies and corporate leadership.