Verizon announces ‘seamless’ plan to buy out 10,400 employees
Though company shares were down more than a percent after the news, most headlines about the decision are positive.
Thousands of employees are taking Verizon up on its offer to leave the company.
The buyouts, which were announced on Monday, represent roughly 7 percent of Verizon’s workforce. The company first announced the plan to decrease its staff members to help the company’s foray into 5G.
Verizon put this offer on the table in September with a goal to save $10 billion in cash by 2021. The offer, which included 60 weeks of salary bonus and benefits depending on length of service, applied to 44,000 employees across Verizon’s business.
In a press release, Verizon wrote:
“These changes are well-planned and anticipated, and they will be seamless to our customers,” said Verizon CEO Hans Vestberg. “This is a moment in time, given our financial and operational strength, to begin to better serve customers with more agility, speed and flexibility.”
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