Verizon layoffs: Largest telecom company in America may cut thousands of jobs as new CEO Dan Schulman takes over; here’s what he said
America’s largest telecom company Verizon Communications is reportedly preparing to announce companywide job cuts as soon as next week. According to a report by Bloomberg, quoting people familiar with the matter, layoffs at Verizon mark one of the most significant steps yet in new Chief Executive Officer Dan Schulman’s turnaround strategy. While final decisions are still being made, Verizon is considering eliminating 10,000 to 15,000 positions, one person said. The carrier had just under 100,000 employees at the end of 2024.The layoffs would spare Verizon’s unionized workforce, including employees at a limited number of retail outlets, the people said. Schulman, who took over as CEO last month, has outlined an aggressive plan to claw back market share after several quarters of subscriber losses.In a separate shift, the company is also preparing to convert roughly 200 company-owned stores into franchises, the Wall Street Journal reported.Schulman, the former CEO of PayPal Holdings, was appointed to replace Hans Vestberg after Verizon posted two straight quarters of subscriber declines and continued to trail its largest rivals on stock performance. The company then reported a third consecutive drop in mobile subscribers in the third quarter.
Verizon CEO Dan Schulman: Do no believe in increasing prices for growth
Upon taking the helm, Schulman vowed to “aggressively transform our culture, our cost structure, and the financial profile of Verizon in order to put our customers first, compete effectively, and deliver sustainable returns for our shareholders.”Last month CEO Dan Schulman said that Verizon needs aggressive change including “cost transformation, fundamentally restructuring our expense base. … We will be a simpler, leaner and scrappier business.” Schulman, who has served on Verizon’s board for seven years, has said that he does not want to hike prices and seeks to be more customer-focused. “Our financial growth has relied too heavily on price increases, a strategic approach that relies too much on price without subscriber growth is not a sustainable strategy,” he said.
