Verizon Plans Job Cuts Under New CEO

America’s largest telecom company, Verizon Communications, is set to announce significant job cuts as part of new CEO Dan Schulman’s turnaround strategy, potentially eliminating 10,000 to 15,000 positions while sparing unionized workers. Schulman, who succeeded Hans Vestberg, aims to reverse subscriber losses and improve market share without increasing prices. Additionally, Verizon plans to convert about 200 company-owned stores into franchises to streamline operations. Schulman emphasizes the need for a cost transformation and customer-focused approach for sustainable growth.

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