Verizon announces results of voluntary separation offer
Source: Nasdaq GlobeNewswire / 10 Dec 2018 10:19:50 America/New_York
NEW YORK, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced that approximately 10,400 employees have been accepted as part of a voluntary program to leave the business as the company better positions itself for future growth.
This program coincides with Verizon’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 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.”
In a letter to employees, Vestberg noted, “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. Together, we are leading the world during this great technological revolution, and we will continue to lead the way.”
The Voluntary Separation Program offers up to 60 weeks’ salary, bonus and benefits, depending on length of service. Employees who chose to volunteer were notified today whether they were accepted and their last date on payroll – either year-end 2018, or the end of March 2019 or June 2019, depending on the needs of the business. The company had 152,300 employees at the end of third-quarter 2018.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated $126 billion in 2017 revenues. The company operates America’s most reliable wireless network and the nation’s premier all-fiber network, and delivers integrated solutions to businesses worldwide. Verizon's corporate responsibility prioritizes the environmental, social and governance issues most relevant to its business and impact to society. Its Oath subsidiary reaches people around the world with a dynamic house of media and technology brands.
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