Categories Technology, U.S. Markets News

Verizon’s 10,400 employees leave the company as part of voluntary separation program

Telecom giant Verizon Communications (VZ) announced that about 10,400 employees had accepted to leave the company as part of its voluntary separation program.

The employees who had accepted the offer, which was announced in September with a target of saving $10 billion in cash by 2021, will get up to 60 weeks’ salary, bonus and benefits, depending on their service duration. The company had 152,300 employees at the end of third-quarter 2018.

“For those who were accepted, the coming weeks and months will be a transition. For the entire V Team, there will be opportunities to work differently as we prepare for the great things to come at Verizon,” said CEO Hans Vestberg.

Verizon plans to revamp its units: Oath becomes separate segment

Early in November, Verizon realigned its business segments to Consumer, Business and Verizon Media Group/Oath, which will come into effect from the beginning of January. Verizon will start reporting under the new structure during Q2 2019.

During the third quarter earnings conference call, the management had commented that the company will reveal the details about the voluntary separation program in the fourth quarter and it will get to know about the size of the benefits in 2019.

In October, Verizon confirmed that it had offered 44,000 employees voluntary severance packages. Telecom giants like AT&T (T) and Verizon are trying to cut their costs and plans to invest the saved money in upgrading to 5G networks from next year onwards.

Verizon shares were down about 2% after two hours of trading on Monday. The stock had gained 5% in the last three months and 11% in the past one year.


Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Salesforce stock hit by weak guidance, co-CEO’s exit. What next?

For technology stocks, 2022 has been a challenging year, with companies losing significant market value amid prolonged stock selloff. In that respect, Salesforce, Inc. (NYSE: CRM) is among the worst-affected

Macy’s (M): Here’s a look at the retailer’s expectations for the near term

Shares of Macy’s Inc. (NYSE: M) were down on Thursday. The stock has gained 36% over the past three months and 18% over the past one month. The company’s sales

KR Earnings: Kroger Q3 sales, profit increase and top expectations

Department store chain The Kroger Co. (NYSE: KR) on Thursday said its third-quarter sales and adjusted earnings increased year-over-year. The latest numbers also exceeded the market's expectations. Net earnings attributable to

Add Comment
Viewing Highlight