Drastic times call for drastic measures. For 2,500 Bell Canada management employees that means the unemployment line is right around the corner.
Bell said the restructuring will make it more competitive and—more importantly in the short term—save $249 million a year. The cut is a whopping 15 percent of its white collar workforce, 6 percent overall, the company said. Parent company BCE has already seen its management team cut by a third after newly appointed president and CEO George Cope came on board just two weeks ago.
"We are moving forward with a streamlined management structure that brings everyone at Bell closer to the customer and allows us to compete more effectively," said Cope, who also is president and CEO of Bell Canada.
BCE is is in the process of going private after being bought in the world’s largest-ever LBO by Ontario Teachers' Pension Plan and its US partners Madison Dearborn, Providence Equity and Merrill Lynch.
For more:
- See the AFP story
