I don’t get what Verizon is doing anymore. What's the end game here? They’re letting go of the best people, and for what? The leadership seems more interested in cashing in than fixing the mess they’ve made. And the Board might as well not exist. It’s like everyone’s asleep at the wheel while the company’s falling apart.
21 replies (most recent on top)
thats what happens when you put the meatball in charge all he wants is another meal
Outside consultants were paid millions to review Verizon and provide suggestions, all before Hans arrived. Part of their suggestion was to reduce headcount 40%. My cynical brain tells me that they searched for a new CEO, and Hans agreed to implement all of the suggestions received from the outside consultants. I am sure he knew at the time that this will be career ending, so agreed to over $20M per year. When this is complete, unfortunately there are 25% more jobs to go, then Hans walks away >$200M.
The biggest problem is the Board of Directors.
That is why I took the September VSP, as I was not seeing any green shoots emerging anywhere in the company, just continous ill thought out stop gap arrangements, offshoring, offshore competing with and bypassing onshore directors/managers in chaotic reporting to leadership, continuous reorgs, with no cohesive tactical or strategic way forward. Took the VSP and ran, much peaceful now. I also disconnected my family plan with Verizon, and have now gone with Mint Mobile at 1/3rd the price of Verizon. All the best Verizon !!
The big and getting bigger pink monster stated in September it will partner with OpenAI to build an artificial-intelligence platform, called IntentCX. The platform will harvest data on customer interactions from subscribers who use T-Mobile’s T-Life app, which combines services such as bill management, and smartwatch integration.
The pink competitor stock has risen +29% in the first nine months of 2024 and thus far are up +14% per share, in the fourth quarter.
End game is India Wireless
The goal is trying to keep up with T Mobile and reduce costs as much as they can. From the IT side that includes getting rid of all onshore resources and replace them with cheap offshore resources. The other plan is to latch onto any new technology, like AI, in the hope of getting rid of more people. The problem with that line of thinking is that offshore is never going to be able to compete with onshore resources, and they no longer have the people who know the systems, which would enable them to use AI. They think they can hire smart people who can get AI to work, but they no longer have the subject matter experts who can tell them what needs to be done. Verizon invested in Hans to implement this scheme, which he is doing. The problem is that no one knows the details of what needs to be done. We’ll see where it ends.
Do y'all get who who runs the show here?!
"Chairman and Chief Executive Officer of Verizon Communications Inc.: Hans Vestberg"
Bottom line, leaders forgot how to lead, and their own leaders could care less. So long as the dividends keep rolling in, no external entity could care less. They have a myopic view on AI, and pushing hard into that space that they forget we still have a business to run.
GTS IT is the worst of the bunch - they riff the ones that make the ship run smooth with no issues. Strategic programs are small compared to day to day, and if you're working the latter you don't matter to them, no matter how well you run the ship. If not on the former, you only exist on a riff list.....
@1ukm Yes he will
If h1b buy home will new president make me sell and go home?
Vteamers, there will be no q/a during 4th qtr results.
Hans V
The end game is the same as it was for ERICSSON.....FAILURE. HANZ IS A FRAUD.
The person who posted this is exactly right! The three people that down voted his comment are the employees who wrecked the company and need to be marginalized until they are fired. The wokies and weenies have know idea what the company actually does.
"Utility company with operational excellence and reliable dividends."
17 hours ago by Anonymous | 6 reactions (+3/-3)
Post ID: @ynh+1voYgzJC
they are doing the right thing cutie. when you loose your job join the army or the navy. The age of war is coming fast. who cares about tech or telecom... that is finished. lets go into asia. europse is already there. we gotta join it supre fast. by the billions. We are coming to asia by the billions. have fun people... this is the best time on earth in the last 1000 yers
Everyone on the board of directors is as d-u-m-b as the losing presidential candidate
Utility company with operational excellence and reliable dividends.
That’s why I left after 25+ years with degrees in telecommunications. Took the sept vsp. I hope you did too if you posted this concern.
The VZ Borad of Directors are an unequitable embarrassment and have failed the test and have the minimal qualifications equating to a high school degree.
They are hoping that former company execs, engineers and managers who fled to Froniter and other competitors will come back and fix what's broken. First they need to clear the decks of bad ideators, deal makers, and woke brown nosing hangers on.
Verizon... culture and brand is old and tired. There is no motivation, no sense of urgency internally. Market share is declining as is company value. The best and brightest are leaving, and the company is not attractive to those who want to build value. It's a tale of failed execution and failed vision... courtesy of foreign-born leaders unfamiliar with the US marketplace.
For Hans and his execs, the end came is holding on long enough to cash in. They will not be affected by Verizon’s demise. They will walk away with millions. What I don’t understand is why the board and key investors behind them let it happen. Investors have a lot to lose in terms of stock value and ability to maintain the lucrative dividend. The board is ineffective, and should be pushing the C-suite out for people who have a growth vision.