UPS offering buyouts to management workers
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United Parcel Servce is planning to offer buyouts to some management employees, according to a person familiar with the matter, as Chief Executive Carol Tomé aims to trim payroll costs at the delivery giant.
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|UPS||UNITED PARCEL SERVICE INC.||159.75||-0.12||-0.08%|
The Atlanta-based company is expected to present the buyouts to qualifying management in non-operations roles on Friday, the person said. The workers would leave in two phases: by the end of 2020, and mid-2021, the person said.
A spokesman for the company confirmed it was offering buyouts, but declined to say who was eligible and how many jobs UPS was looking to shed.
“UPS is providing voluntary severance offers to some employees as part of its transformation,” the spokesman said. “Aligning our talent with the needs of our company and customers is critical to becoming a stronger, more agile UPS.”
UPS had nearly 500,000 employees at the end of last year, including 87,000 in management positions. UPS last offered buyouts to workers in 2018, an initiative that cut about $200 million in annual expenses.
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Ms. Tomé, a longtime UPS board member who recently served as Home Depot Inc.’s finance chief, has been trying to cut costs and run the company more efficiently.