Verizon will shed 10,400 workers by mid-2019 as part of its voluntary separation program.
This fall, Verizon confirmed it was offering a voluntary separation package to eligible management employees based in the United States. The program coincides with the telco’s recently announced realigned organization structure designed to “optimize growth opportunities in the 5G era.”
“These changes are well-planned and anticipated, and they will be seamless to our customers,” said Hans Vestberg, Verizon’s CEO. “This is a moment in time, given our financial and operational strength, to begin to better serve customers with more agility, speed and flexibility.”
In a letter to employees, Vestberg said for those who were accepted in the program, 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,” he said. “Together, we are leading the world during this great technological revolution, and we will continue to lead the way.”
The program offers up to 60 weeks’ salary, bonus and benefits, depending on length of service. Employees who chose to volunteer were notified Monday whether they were accepted and their last date on payroll – either year-end 2018 or the end of next March or June, depending on the needs of the business.
Verizon had 152,300 employees at the end of the third quarter.
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