Thread regarding Verizon Communications Inc. layoffs

Covid happened too. It took 5 years for vz to settle on RTO. And even then it was so stupid by leaving it up to each team which totally disregards the cross functional nature and multi location ways of working. So you have people commuting to offices where they have no business partners and sit on calls all day. The whole company should RTO the same days to make it somewhat more sensible. Disney picked their RTO 2 years before vz. 2 years. What a bunch of out of touch clowns running vz.

@c3
Wrong, when McAdam was saying good-bye, he said on a webcast that he was confident in Verizon's very deep bench.
All which as been sunk by the Meatball and his friends.

Excellent post. I would also include the poor recognition of former McAdam CEO and Shammo CFO.

Poor investments , inability to build a strong Executive Team and allowing T-Mobile CEO Ledger to dominate them.

Let's all use Dan Schulman's true name on all future pulse surveys. Hatchet Dan.

Board of Directors is a 1%’er circlej--kUseless as t-ts in a bull.

India happened, Philippines Happened. Hans happened. The moment we started sending jobs overseas. We starting digging our grave. Hans ruined this company, Sampath India and his relatives Ruined this company.

Outsourcing to India to only hear broken English is the stupidiest thing Verizon has done

It has been bizarre the last 6 years the volume of senior executives who came from outside USA. For a company with 98% of revenue inside the US, plus 96% of employees, why keep hiring people from overseas. One of the most striking moments after 8 years of listening to Hans and his broken English was the pure linguistic clarity when Schulman addressed the team internally.

Agreed we are hiring the wrong people, and keeping the wrong people. Additionally, we are WAY over compensating them. 500x to 1000x the average employee salary is ridiculous.

Squandering billions in deal flops (AOL, Bluejeans, etc) didn’t help matters.

I think the AI's fearmongering thread Dan is playing is about how to accelerate the clean-up efforts, because if you think about it, Verizon's main asset is the network and the network is in the street, in the buildings, and somebody has to manage and maintain it. The AI can make the difference in many ways (i.e. provisioning, management, billing), but it cannot replace the core of the company

bunch of drama queens in here. no, the company isn't sinking. It got complacent and is now restructuring to compete in an now over-saturated market.

Well Shankar should be at the top of the list as well. His only idea is "let's cut cost and move this work to India" - I'll bet you money he's getting kickbacks for having moved 20k jobs there (not counting all the contractors).
"we have the best network". Bla Bla Bla. Who the duck cares. We have the highest prices and all resemblance of service have long since disappeared.
But yeah, Sampath who has completely failed to turn things around gets $4M so he'll stay around. And the AI BS is accelerating, even though customers (and employees) despise talking to these useless AI chatbots.
We should replace our EVPs with AI chatbots. That would be a clear improvement and obvious cost savings opportunity

And you have three of the most complicit actors still here getting massive money to correct the problems they allowed. Tony and Sampath sat here and let Hans do everything he could to destroy the company and now they get big fat bonuses. And Dan was lead director and should have been kicked off the BOD instead of being hired at 70M. Tony, sampath and Dan all need to be fired. And half of the id--ts under them. Finance in Verizon is totally incompetent and not one of them are worth a nickel.

@a9 agreed. I always knew sooner than later it will all come to light that they are just big bull shitters and cannot be trusted. It’s ingrained

I hate to say this but majority of US companies think that hiring these international executives think they know how to run a US company is a fail. They believe all the bs. I have seen it with my own eyes. It’s unconscionable that one would believe their lip service. If they are so great and they are the best we can do to run a US company then why their own country is a mess. It’s all lies.

@a7 the only thing you forgot is that from the evp level down, they hired and promoted to curry political favor or bring along their buddys. Competence no longer mattered and it became management by the Costanza principle: it's not a lie if you believe it.

The company failed to implement a strategy that made sense. The company ran on the idea that the network was the most important thing that customers cared about. Customers care about cost, and value for the price they are paying. Network is secondary when everyone has WiFi everywhere. A failed 5G strategy early on and mergers that made 0 sense that the company is still paying the bills for. Lastly the strategy of outsourcing everything has led to the rot of the customer experience and the degradation of systems.

The TLDR is that the company is failing at practically everything it is doing and the executives in charge are way out of their depth and have no clue how to fix other than make more cuts. Dan has to figure it all out and clean up the whole organization from top down.

It was said here multiple times...it is the BOD who hires the head...and it is still the same....the new CEO was part of it for years...the question is why all of the sudden?....we all knew the issue with the incopetency of our leadership.....why they all BOD kept it quiet for so long......let's hope the mud is not thicker

@a2 You do realize board members are voted for annually right? I trust that you voted your shares this year.

You cannot cost cut your way to success without an accompanying strategy to complement it.

When i saw that stabuks guy i was like who made him the ceo. He doesnt have that personality. 2 weeks later he was fired from the job.

@OP they should also review the board members. One board member is the failed CEO of Starbucks. Why do we have people like that as an advisor

@OP I am surprised that executives who are behind this mess are still around