Verizon CEO Dan Schulman Announces 13,000 Job Cuts

Verizon is set to eliminate 13% of its workforce, equating to 13,000 employees, according to a notification from the company's CEO, Dan Schulman, dated November 20.

As of the conclusion of 2024, Verizon employed a total of 99,600 individuals, as outlined in their latest annual documentation.

In a documented statement accessible to the public, Schulman remarked that the existing financial layout of the company hampers its capacity to robustly enhance services offered to customers. This necessitates significant cost reductions and a strategic overhaul to move forward.

Since taking the helm at Verizon in October after holding a director position since 2018, Schulman is faced with the task of merging operations with Frontier Communications. This merger, valued at $20 billion and finalizing in early 2026, is anticipated to bolster Verizon's advancements in artificial intelligence and smart devices.

Schulman previously served as the chief executive at PayPal and has played pivotal roles at companies including AT&T, Priceline, Virgin Mobile, and American Express.