(Reuters) -Verizon expects to record a severance charge in the range of $1.7 billion to $1.9 billion in the third quarter as a result of a previously announced voluntary separation program, the carrier said in a regulatory filing on Thursday. The company announced a voluntary separation program in June for select U.S.-based management staff. About […]
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Verizon to take up to $1.9 billion severance charge in third quarter
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(Reuters) -Verizon expects to record a severance charge in the range of $1.7 billion to $1.9 billion in the third quarter as a result of a previously announced voluntary separation program, the carrier said in a regulatory filing on Thursday.
The company announced a voluntary separation program in June for select U.S.-based management staff.
About 4,800 eligible employees are set to separate from Verizon by the end of March 2025 under the program, with over half of them exiting this month, the company said.
It also plans to stop the use of certain real estate assets and exit non-strategic portions of some businesses, due to which it will record a separate charge of about $230 million to $380 million in the third quarter, Verizon said.
(Reporting by Deborah Sophia in Bengaluru; Editing by Pooja Desai)