"The job cuts began on Thursday, per to a staff memo from Verizon CEO Dan Schulman. In the letter, which was seen by The Associated Press, Schulman said Verizon's current cost structure "limits" the company's ability to invest-pointing particularly to customer experiences. "We must reorient our entire company around delivering for and delighting our customers," Schulman wrote. He added that the company needed to simplify its operations "to address the complexity and friction that slow us down and frustrate our customers.""
"Verizon had nearly 100,000 full-time employees as of the end of last year, according to securities filings. A spokesperson confirmed that the layoffs announced Thursday account for about 20% of the company's management workforce, which isn't unionized. Verizon has faced rising competition in both the wireless phone and home internet space-particularly from AT&T, T-Mobile, and other big market players. New leadership at the company has stressed the need to right the company's direction."
Verizon is laying off more than 13,000 employees to reorient the company around customer delivery and experience. The cuts began Thursday per a staff memo from CEO Dan Schulman, who said Verizon's cost structure limits its ability to invest and that operations must be simplified to address complexity and friction. The layoffs represent about 20% of the non-union management workforce from nearly 100,000 full-time employees. The company faces rising competition in wireless and home internet from AT&T and T-Mobile. Schulman said Verizon is at a critical inflection point and will aggressively transform operations. Recent quarterly results showed $4.95 billion earnings and $33.82 billion revenue, with prepaid growth but a net loss of 7,000 postpaid connections.
Read at Fast Company
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