Verizon Cuts Jobs While Executives Pocket Millions
While Newsweek blandly cites a 'report' on Verizon's job cuts, they fail to connect the dots: these 'efficiencies' directly pad executive bonuses and juice stock buybacks. For context, Verizon's top brass, including CEO Hans Vestberg, consistently pull in eight-figure compensation packages. In 2023 alone, Vestberg's total compensation was $22.7 million according to Verizon's proxy statement, while
thousands of workers faced pink slips. These are not 'market adjustments' for the nameless drone; they are strategic decisions to maximize shareholder value by sacrificing livelihoods. One might wonder if the 'biggest in company history' layoffs are purely reactive, or if a multi-billion dollar corporation could perhaps absorb costs without sacrificing its workforce. Or are systemic job losses
simply the cost of doing business when the business is enriching the already rich? How much 'efficiency' does it take for a CEO to earn 266 times the median employee salary, only to then cut 10,000 more jobs?