Verizon CEO Dan Schulman said in a Nov. 20 letter to employees that the wireless telecom is cutting 13,000 employees, or about 13% of its workforce, as it seeks to “evolve as a company” by slashing costs and restructuring operations.
The company employed 99,600 workers at the end of 2024, according to its most recent annual report.
“Our current cost structure limits our ability to invest significantly in our customer value proposition,” prompting the need to “evolve as a company,” Schulman wrote in the letter, which was posted on Verizon’s website.
Schulman, who was tapped to lead Verizon in October after serving as a board member since 2018, is charged with integrating Frontier Communications after its $20 billion purchase is set to close in early 2026. Verizon said the deal, which was announced in 2024, will support its push into artificial intelligence as well as connected smart devices.
Before stepping in as Verizon’s CEO, Schulman served as PayPal’s chief executive and held senior leadership roles at AT&T, Priceline, Virgin Mobile and American Express.
Alain Sherter
contributed to this report.
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