Washington – Verizon Communications said 10,400 employees, or about 6.8 percent of its total staff, were accepted for voluntary buyouts as the company looks to trim $10 billion from costs and retool for 5G wireless technology.
The exit packages were available to as many as 44,000 Verizon employees, according to the statement. The buyout is the company’s second-largest, after a 2003 offer in which 21,600 employees accepted severance packages.
The move comes five months after Hans Vestberg took over from Lowell McAdam as chief executive officer at the largest U.S. wireless carrier. Vestberg, who spent his entire career at communications-equipment maker Ericsson AB before coming to New York-based Verizon in April 2017, is making network technology a priority throughout the company.
“For those who were accepted, the coming weeks and months will be a transition,” Vestberg wrote in a letter to employees. “For the entire V Team, there will be opportunities to work differently as we prepare for the great things to come at Verizon.”
