Back in 1998 when C. Michael got rid of all the A, B & C band managers? Made them an offer they couldn’t refuse. Replaced them with borderline occupationals and vapid marketing pukes. That was the beginning of the end. How about that reverse 5 for 1 stock split. History repeating itself. Similar bloodletting happened in 1989.
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Anyone has VRIP document that says the one-time-salary life insurance ATT offered is good for the life?
The company will never offer anything like that again. They were sued by the managers that wanted to take the offer but were denied due to B advised they work being vital only to be surplussed later. They sued and won. As for how much the money is worth now, most lost massive amounts due to stock taking a dive from $68.00 to $20s.
I was part of VRIP. It was so popular, you had to qualify for it, so depending on which business unit you were in, you either had the years to qualify or you didn't, compared to your peer population. I had been in Major Accounts in LA and with my years, would not have qualified. However, because I had transferred to a different business unit a year earlier, I made the cut and grabbed it. Friends with close to 30 years walked away with over $850K. This was 22 years ago, so if invested smartly, the $850K is equal to probably $2.5 Million today. That was the buy out of your pension, so they don't have a pension, but I would say they did pretty well.
Armstrong actually had some good ideas but AT&T was such an unwieldy behemoth that it was unable to execute the plan. Sound familiar?
I’m craft but remember it well. There was a mass exodus of Mgmt so many put in for it that some that were denied. They should probably offer something similar but doubt that will happen