Verizon Brand – a newly formed division from the merger of Yahoo and AOL will be laying of 7% of its workforce which will account for approximately 800 employees.
Verizon Media CEO, Guru Gowrappan in his email to employees said, “These were difficult decision and we will ensure that our colleagues are treated with respect and fairness, and given the support they need.” He further confirmed that the company will continue to launch new products, proceed with innovations, however now is the time to be offensive and concentrate on big priorities and do everything in our power to advance the business.
Verizon brand division was formed in November which encompassed Oath wherein the Verizon Media Group comprises of media, advertising and technology.
Recently, this division has been under a scrutiny as its CEO Hans Vestberg seek to save $10 billion by 2021 in cash. In December, Verizon also took a $4.6 billion on its media business by revealing that this segment is not as valuable as it previously considered to be. Companies leadership team created strategy to propel Verizon Media by analysing where the company stands and outlined ambitious but practical goal with meticulous planning, collaboration and rigorous execution that will help us for our potential growth.
The company today aims to create best experience for their customers along with best platforms for the customers. This decision would be considered as a strategic step for better execution of their plans for future growth and innovations.