14,000 AT&T; Managers Plan Early Retirement
AT&T;'s offer of early retirement incentives for managers proved more popular than it expected.
The nation’s biggest long-distance phone service provider announced today that at least 14,000 managers will leave the company under the plan that included higher pensions and expanded eligibility for benefits.
When it made the offer in January, AT&T; expected 10,000 to 11,000 managers would take the early retirement offer.
Chairman C. Michael Armstrong called the results good news and said it puts the company a year ahead of schedule on its plan to cut the total work force by 18,000 over two years.
The company had expected to save $700 million this year as a result of job cuts. It hasn’t yet determined a new savings estimate.
AT&T; employed 121,000 people at the end of March.