VBG person here in a 5G focused org and found out today most of our group will be cut. Some estimates are up to 15% across VBG to pay for improvements in VCG. Sounds like Schulman will be up to his old tricks from Paypal days. Most impacted will be off payroll by the EOY. Unfortunately, I will most likely be impacted.
21 replies (most recent on top)
I just got used to say 5yee.
This all smacks of, we couldn't find someone from our bench to take over so we had to pull in someone from the board. It all really points to Stratton who was passed over for Hans and went to run Frontier. I suspect he'll be the one taking over once the desk is done and Hans is actually gone in October of next year.
It will really be a big F U from Stratton if it happens that way.
Thought I'd share... Interesting, "Retirement"..
https://www.linkedin.com/posts/hansvestberg_this-morning-i-stepped-down-as-ceo-and-chairman-activity-7380986548697182208-cdWk?utm_source=social_share_video_v2&utm_medium=android_app&rcm=ACoAABE4wb0BIsnnvr-GN4A4CT2S51P6ZmbRqo4&utm_campaign=copy_link
Hans was booted because nobody could Sanders and his accent. He’s a Swede, but sounded super German, almost Hogan’s Heroes level.
back in the old days, I remember McAdam telling us that he felt confident with Hans' taking over and that VZ had a "deep bench" to help with the transition. Hans collected tens of millions while destroying the brand, he probably has quite a few stock options to cash in as well.
Let’s be honest — this wasn’t some smooth “succession plan.” The timing alone tells you everything. Vestberg is out abruptly, Schulman is parachuted in from the board, and Hans is parked in an “advisor” seat to save face. Classic board playbook: push out the old regime, rebrand the strategy, and make it look like a controlled transition.
They spent years selling us on the idea that network leadership was all that mattered — and now, suddenly, they want a platform builder and “ecosystem” guy from PayPal to run a telecom company. If that doesn’t scream strategic pivot under shareholder pressure, I don’t know what does.
The writing’s on the wall: the board lost patience with slow growth, missed revenue opportunities, and a stagnant stock. Hans built the infrastructure — Schulman’s job is to monetize it. And when a CEO exits like this but stays “on the board,” it’s not a vote of confidence… it’s a polite way of showing him the door.
Sampath ain’t the guy. If he was, he’d be put in. Either he’s got it or he doesn’t. Time doesn’t do anything from his current role.
@ac good callout. Wonder if he’s just a caretaker until Frontier closes, then maybe someone else like Frontier CEO takes over VZ? Obviously Sampath wasn’t deemed worthy to take over, or he would have had the job today.
Something doesn’t add up. New CEO is 67. Isn’t there a rule where the CEO has to leave at age 65?
@a8 That is a hint right there that he was not vaulted into CEO role.
Wow Hans himself (probably) got RIFd.
Hans finally gets to participate in the Verizon "Home for the holidays program!"
Do Scampath now
We’ll be complaining about Dan by Friday.
Anything would be better than Hans
Christmas came 2 months and 19 days early!
Will he continue the policy of "Layoff everyone until there are no employees to fire"
will he pivot away from building us as consultation firm for how to layoff every person in your company.
I'm bitter. end of childish rant.
Wow Christmas has come early
source: grok
prompt: give me the brief bullet points good bad for employees for dan schulman
response:
Good for EmployeesImplemented Employee Financial Wellness Initiative, raising net disposable income to 16% on average by lowering healthcare costs 60%, providing equity, and offering financial education, leading to 4x higher engagement and 3x lower turnover.
forbes.com +1
Closed gender and race pay gaps with a $3 million investment, evaluating pay three times yearly for all 20,000 employees to attract and retain top talent.
cnbc.com
Pledged no layoffs during COVID-19, enabling remote work and prioritizing employee security over short-term profits.
calcalistech.com +1
Offered $25 million in interest-free cash advances to furloughed U.S. government workers during shutdowns, extending similar support to PayPal's own staff.
en.wikipedia.org
Fostered inclusive culture by opposing discriminatory laws (e.g., North Carolina bathroom bill) and committing $535 million to racial equity, boosting employee morale and trust.
en.wikipedia.org +1
Bad for EmployeesOversaw 2,000 layoffs (7% of workforce) in 2023 amid economic challenges, despite prior employee-first pledges, contributing to job insecurity.
cnbc.com +1
Employee reviews highlight issues with senior leadership and management under his tenure, including unclear growth prospects and reliance on external cuts.
glassdoor.com +1
Finally!!! I know nothing about the new guy but he can't be worse than Hans!