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Verizon says 10,400 managers accept buyout offer |

Verizon says 10,400 managers accept buyout offer

The Associated Press
| Monday, December 10, 2018 12:57 p.m
AFP/Getty Images
(FILES) In this file photo taken on January 2, 2015 the Verizon logo is seen at the headquarters for Northern Virginia in Ashburn, Virginia. - US telecomm group Verizon announced December 10, 2018 it would slash its workforce through a voluntary buyout plan as the company strives to better position itself for the coming of new cellular technology. Verizon accepted 10,400 employees for the buyout, which will grant more than a year's salary plus a bonus and other benefits, the company said in a statement.'These changes are well-planned and anticipated and they will be seamless to our customers,' Verizon CEO Hans Vestberg said. (Photo by Paul J. RICHARDS / AFP)PAUL J. RICHARDS/AFP/Getty Images

NEW YORK — Verizon says 10,400 U.S. managers have accepted a voluntary buyout offered as the company seeks to trim costs to invest more into its push into the next-generation network known as 5G. That’s about 7 percent of its global workforce.

Verizon offered the buyouts to 44,000 employees earlier this year. The staffers taking the buyouts are mainly U.S.-based management staffers, excluding its Oath media business and staffers in some customer facing roles.

The New York company is in the midst of a cost-cutting program to save $10 billion over four years to help it invest in 5G technology. Those accepting the buyout will get up to five years of salary, bonus and benefits, depending on length of service.

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