Additional Coverage:
Verizon Announces Major Workforce Reduction Amidst Restructuring and Frontier Acquisition
Verizon CEO Dan Schulman informed employees on November 20 that the wireless telecommunications giant plans to reduce its workforce by 13,000 employees, representing approximately 13% of its total staff. The move is part of a broader strategy to “evolve as a company” through significant cost-cutting measures and operational restructuring.
According to its latest annual report, Verizon concluded 2024 with 99,600 employees. In a letter posted on the company’s website, Schulman stated that “our current cost structure limits our ability to invest significantly in our customer value proposition,” underscoring the necessity for the company’s evolution.
Schulman, who assumed the CEO role in October after serving on Verizon’s board since 2018, is tasked with overseeing the integration of Frontier Communications. Verizon’s $20 billion acquisition of Frontier is anticipated to finalize in early 2026. The company announced the deal in 2024, highlighting its importance in advancing Verizon’s initiatives in artificial intelligence and connected smart devices.
Prior to his appointment as Verizon’s CEO, Schulman held the position of chief executive at PayPal and served in senior leadership capacities at AT&T, Priceline, Virgin Mobile, and American Express.