Verizon Chairman Mark Bertolini says the board needs to revive the company

Verizon Chairman Mark Bertolini said Thursday that the company’s new CEO is former PayPal President Dan Schulman is working on the recovery Verizon From a period of stock losses under former CEO Hans Vestberg.

Bertolini, too Oscar’s health The CEO, 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 has gone from No. 1 in terms of market capitalization, bond ratings and market share to No. 3. The network is no longer as differentiated as it once was, largely because everyone was spending money to put these 5G networks in place,” Bertolini said. “So losing 30% share over the last eight years is a problem, and we have to do something different.”

In October, the company announced that Shulman would replace Vestberg, who had led the company since 2018. In a statement issued at the time, Shulman said Verizon was at a “critical juncture” and that he believed the company had a “clear opportunity to redefine our course.”

Shulman previously led PayPal through significant revenue growth and has served on Verizon’s board of directors since 2018.

Vestberg will remain a member of the Board of Directors until the 2026 Annual Meeting and will serve as a Special Advisor until October 4, 2026.

Schulman is evaluating basic cost structures and other aspects of the company to ensure its success, Bertolini said Thursday.

“We believe that once we put this plan into action, we will have a good story,” Bertolini said. “The reaction from the street early on was that 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 Shulman will reveal his plan to turn around the company “sooner rather than later.”

“The board had to act, and we acted,” Bertolini said.