UPDATE: JANUARY 24, 2019 — LAYOFF COUNT INCREASED BY 250 EMPLOYEES
Following the company-wide buyouts in December 2018, the company announced a reduction in headcount of 7-percent or approximately 800 employees.
According to a company official, Verizon Media CEO Guru Gowrappan, “These were difficult decisions, and we will ensure that our colleagues are treated with respect and fairness, and given the support they need. I want to be clear that we will continue to scale, launch new products and innovate. We are an important part of Verizon ... Now is the time to go on the offensive, go deep on our big priorities and do everything we can to advance the business.”
UPDATE: SEPTEMBER 12, 2018: MANAGEMENT CHANGE AT THE TOP
Oath’s CEO Tim Armstrong will be turning the CEO position to K. Guru Gowrappan on October 1, 2018, but will remain as a consultant to year end.
In addition to restructuring, there appears to be an internal fight over using data from Verizon’s customers to enhance Oath’s advertising business. Personally, I do not want my Verizon calls used to provide targeted advertising. Especially with behavioral scientists developing the capabilities to define, describe, and motivate behavior based on call, search, or tweet patterns.
Oath, the subsidiary of Verizon Communications’ Media and Telematics division, that serves as the umbrella organization for acquisitions such as AOL, Yahoo, and the Huffington Post has announced that they were laying off approximately 550 employees to “further align our global organization to our 2018 roadmap.” This comes after the 2,100 layoffs following the acquisition of Yahoo in June, 2017. The name Oath was chosen because it “represents the commitment we’ve made to building brands and it honors the promises we make to each other, our partners, clients and the world every day.” Notice that there is no mention of a commitment to employees. As with all mergers and acquisitions, there will be redundant functions and personnel that mandate departmental closures and layoffs. One reason to closely monitor the financial health, competition, and acquisition potential of your organization.
There are no guarantees in life, or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere ... are you now wondering, Am I Next?