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—
CEO
Verizon
the new one, Dan Schulman, will cut 15 thousand employees.This figure is a termination of employment (
Layoffs
) is the largest in the history of the United States (US) telecommunications company.
Launch
Reuters
, Thursday (13/11), Schulman will take the step of layoffs a month after he was appointed CEO of Verizon.
According to a source familiar with the plan, the layoffs were carried out by Schulman to carry out restructuring amidst increasing competition.
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The mobile operator is facing growing market pressure amid concerns over a shrinking number of new subscribers, as old rivals offer cheaper packages and cable operators join the fray.
The layoffs, which affect about 15 percent of Verizon’s workforce, are expected to occur as early as next week.The cuts will reduce the ranks of non-union management by more than 20 percent.
Verizon will have about 100,000 employees in the US by the end of 2024, after cutting nearly 20,000 people over three years.Last year, the company announced it was cutting 4,800 employees through a voluntary program.
Verizon CEO Dan Schulman was appointed in early October.He previously led PayPal.
He said Verizon needs aggressive changes including cost transformation and a fundamental restructuring of its spending base.
“We will be a simpler, leaner and more agile business,” he said last month.
Schulman, who has been a Verizon board member for seven years, said he doesn’t want to raise prices and wants to focus more on customers.
Meanwhile, Verizon spent US$52 billion to acquire critical midband wireless spectrum in an auction in 2021 to improve its 5G network.Some analysts question whether the company is paying too much.
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