Lumen plans to reduce workforce by less than 7%

In a regulatory filing, Lumen Technologies disclosed that on April 19, the company finalized plans to reduce its workforce by less than 7% through a combination of involuntary and voluntary separations. “These reductions are a part of our efforts to change our workforce composition to reflect our ongoing transformation and cost reduction opportunities that align with the company’s shapeshifting and focus on its strategic priorities. These initiatives are expected to be substantially completed by the end of the second quarter of 2024. As a result of this plan, the company expects to incur severance and related costs in the range of approximately $90 to $100M, substantially all of which we expect to record in the second quarter of 2024. Other than these costs, the company does not expect to incur any material impairment or exit costs related to this plan,” the filing stated.