Vestberg was CEO at VZ for 7 years. Coincidentally the same amount of years he was CEO at Ericsson. Two companies left in a wake of mismanagement. The difference? The VZ BoD had a resume to review. Despite his failures in Europe the VZ BoD made him their CEO. History repeating itself was, sorry to say, an almost foregone conclusion. Now the BoD handed gas and torch to Schulman. He’ll cut off the legs to save the body. Then the BoD will “find” the next version of Vestberg. They can’t help themselves from making poor choices. Vestberg will likely have $20M follow him out the door whilst 15k are shown the door. Whomever takes over “Verizon - The Rehab Edition” has choices. Continue on with segmentation and compartmentalization driving the Company further into the ground, or, perhaps, bring things back under the roof. No more HRBP from outside sources running the Company. No more useless Pulse Surveys. But alas, the names will change and the downward spiral is likely to continue. If there was a time for the Shareholders to remove an entire Board. It’s now or in the very near future. Pipe dream of course. Good luck to all who are leaving. Find a Company run by intelligent people who actually know the business they run.
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40k jobs terminated under vestberg. If the board blames him for anything, it's not cutting enough. Lowell was in charge of the id--tic Frontier/AOL/Yahoo deals.
Regardless, they both made over $100 million, while the rest of us that actually do the work are worried about putting food on the table. Interesting system we live in...
The board should be the first group to go. They are 100% at fault for the state of the company, but they will still be cashing checks while they arouse from their slumber quarterly to attend a board meeting only to sleepily nod through a presentation requiring 1000 work hours to build before being chauffeured back to their high rise full floor apartments.
Good work if you can get it.
...and they'll never be held accountable.
These people need to be in jail for this level of negligence