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Verizon | 8-K: Voluntary Separation Program for Selected U.S. Management Employees

SEC ·  Sep 12 22:03
Summary by Futu AI
Verizon Communications Inc. has announced a voluntary separation program that will affect approximately 4,800 U.S.-based management employees, with over half departing in September 2024. This move is expected to result in a severance charge of between $1.7 billion to $1.9 billion in the third quarter of 2024. Additionally, Verizon plans to discontinue the use of certain real estate assets and exit non-strategic business segments in September 2024, which will lead to asset and business rationalization charges estimated between $230 million to $380 million for the same quarter. These strategic actions are part of the company's ongoing transformation initiatives.
Verizon Communications Inc. has announced a voluntary separation program that will affect approximately 4,800 U.S.-based management employees, with over half departing in September 2024. This move is expected to result in a severance charge of between $1.7 billion to $1.9 billion in the third quarter of 2024. Additionally, Verizon plans to discontinue the use of certain real estate assets and exit non-strategic business segments in September 2024, which will lead to asset and business rationalization charges estimated between $230 million to $380 million for the same quarter. These strategic actions are part of the company's ongoing transformation initiatives.
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