Verizon’s Shake-Up Signals Tougher Competition for New Customers

The competition for new mobile-phone and broadband customers is about to get a lot nastier.

Verizon Communications Inc. on Monday abruptly replaced its chief executive officer of seven years, Hans Vestberg, and handed the job to lead director Dan Schulman, a veteran telecom executive who was most recently CEO of PayPal Holdings Inc.

Schulman, 67, made it clear that he plans to cut costs, provide more value to customers and improve shareholder returns. Verizon, which has lagged behind competitors in customer sign-ups, will do “the hard work it takes to regain our leadership in our sector across mobility ...