Verizon has announced that 10,400 workers have agreed to leave their job at the company by the middle of next year. The decision, which means around 7 percent of the company’s workforce is relieved of their job, is centred around shifting their focus to the 5G arms race.
The buyout is the company’s largest in 15 years and is only the latest development after the company got new leadership. Since Vestberg, the company’s former chief technology officer became the boss, a few changes have been effected. Key of those changes is that only one of the Oath’s C-suite executive did not resign after others claimed the parent company did not cater to them.
Verizon also announced that it is shifting the focus of the company into three main areas – consumer wireless, enterprise, and media.
In order to achieve their goal of transitioning to 5G networks, a huge amount of investment will be required. In fact, rumour has it that up to $200 billion per year will be needed.
5G network is the latest development and it is going to play a major role in several markets like that of the internet-of-things, household wireless services, and media.