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Verizon offers separation plans to thousands of management employees

Key Points
  • Verizon Communications Inc said on Tuesday it is offering voluntary separation buyout packages.
  • These will be available to thousands of management employees in the United States.
Pedestrians cross Herald Square in front of a Verizon Wireless store in New York.
Richard Levine | Corbis | Getty Images

Verizon Communications said on Tuesday it is offering voluntary separation buyout packages to thousands of management employees in the United States.

"It is a voluntary plan and offers employees three weeks' pay for every year of service," Verizon spokesman Jim Gerace said, without providing details on the number of employees who would be offered the plan.

The move comes as the No. 1 U.S. wireless provider is trying to slash expenses and save $10 billion in costs by 2020.

Verizon had about 153,100 employees as of June. 

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Key Points
  • Verizon's Hans Vestberg says the top wireless carrier doesn't need to compete in premium content to succeed.
  • "Our network is our asset," the new CEO says. "I think we have another way to deal with our assets, our distribution."
  • Verizon is making a big push into 5G next generation wireless technology. "[It] can disrupt industries," he says.