Verizon chairman Mark Bertolini said Thursday that the company’s new CEO, former PayPal boss Dan Schulman, is working to revive Verizon from its period of share losses under former CEO Hans Vestberg.

Bertolini, who is also the Oscar Health CEO and who was named Verizon chairman last month, told CNBC’s Becky Quick on “Squawk Box” that the company needs to “do something different” as it undergoes its leadership change.

“Verizon has gone from number one in market cap, bond ratings and market share to number three. And the network isn’t as differentiated as it used to be, in large part because everybody’s been spending money to put these 5G networks in place,” Bertolini said. “So losing 30% share over the last eight years is an issue, and we have to do something different.”

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

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

Vestberg is remaining on the the board of directors until the 2026 annual meeting and serving as a special advisor through Oct. 4, 2026.

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

“We believe that once we have that plan in place, we’ll have a good story,” Bertolini said. “The Street reacted early on that there’s going to be a price war; I think it’s less about price war than the value of what we’re offering to people through the product.”

Bertolini added that Schulman will be revealing his plan for turning around the company “sooner rather than later.”

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