Verizon chairman Mark Bertolini says the board 'needed to act' to revive company

In a significant shift for Verizon, chairman Mark Bertolini announced that the company is taking decisive steps to revitalize its fortunes under the leadership of newly appointed CEO, Dan Schulman. Schulman, who previously helmed PayPal, steps into the role at a time when Verizon has faced considerable share losses during the tenure of former CEO Hans Vestberg. Speaking with CNBC's Becky Quick on "Squawk Box," Bertolini emphasized the urgent need for change as the company transitions to new leadership. He noted that Verizon has slipped from its previous position as a market leader in terms of market capitalization and bond ratings, now ranking third. He pointed out that the company's network differentiation has diminished, primarily due to widespread investments in 5G technology across the industry. "Losing 30% of our market share over the past eight years is a concern, and we need to implement a new strategy," Bertolini remarked. In October, Verizon announced Schulman's appointment to replace Vestberg, who had been at the helm since 2018. Schulman characterized the current moment as a "critical juncture" for the company, expressing confidence in its potential to redefine its path forward. Having served on Verizon's board since 2018, Schulman brings a wealth of experience, having successfully guided PayPal through significant revenue increases. Vestberg will continue to serve on the board until the 2026 annual meeting and act as a special advisor until October 2026. Bertolini mentioned that Schulman is currently assessing the company's cost structures and various operational elements to facilitate a successful turnaround. "Once we finalize our strategy, we believe we will have a compelling narrative to share with our stakeholders," he stated. Addressing market speculation regarding a potential price war, Bertolini clarified that the focus should be on the value provided by Verizon's offerings rather than merely competing on price. He assured that Schulman would unveil a comprehensive plan for the company’s revival in the near future, reinforcing the board's commitment to proactive leadership. "The board needed to act, and we have taken action," Bertolini concluded.