Latest news with #buyouts
Fox News
11-07-2025
- Business
- Fox News
Washington Post staff 'shellshocked' by constant blows to morale as bosses seek buyouts, insider says
The Washington Post's latest effort to reduce headcount with voluntary buyouts appears to be failing due to a numbness in the newsroom caused by the constant "blows" to morale. "People are shellshocked and keeping their heads down," one Post staffer told Fox News Digital. On Wednesday, Washington Post publisher and CEO Will Lewis offered a blunt ultimatum to staff who aren't onboard with the "new direction" the paper is taking under its billionaire owner Jeff Bezos. "I understand and respect, however, that our chosen path is not for everyone," Lewis wrote in a memo obtained by Fox News Digital. "That's exactly why we introduced the voluntary separation program. As we continue in this new direction, I want to ask those who do not feel aligned with the company's plan to reflect on that. The VSP is designed to support you in making this decision, give you the ability to weigh your options thoughtfully and with less concern about financial consequences. And if you think that it's time to move on to a new chapter, the VSP helps you take that next step with more security." The buyout program, first announced in May by Post executive editor Matt Murray, specifically targeted veteran staffers and other departments. The program is set to conclude by the end of July. The staffer suspects, however, that Lewis' mid-July message means "people aren't interested" in taking the buyout despite the turmoil and agony that has erupted in recent months. "It's been one set of blows after another. So this memo is par for the course," the insider says. "Another bomb went off but who notices anymore?" One staffer who wasn't onboard with the "new direction" of the Post was longtime columnist Joe Davidson, who shed light on what led to his resignation from the paper late last month. It is unclear whether he took a voluntary buyout. "For me, the cost became too great when a Federal Insider column I wrote was killed because it was deemed too opinionated under an unwritten and inconsistently enforced policy, which I had not heard of previously," the 20-year Post veteran wrote Tuesday on his Facebook page. "While the policy prohibiting opinion and commentary in News section articles can be justified journalistically, it is a departure from longstanding Post practice and mandated a change in my role that I chose not to accept." While Davidson didn't believe Bezos was directly involved in his column being killed, he wrote, "it would be naïve to ignore the context." "Starting before the November presidential election, Bezos's policies and activities have projected the image of a Donald Trump supplicant," Davidson said. "The result – fleeing journalists, plummeting morale and disappearing subscriptions. Since October, when Bezos blocked publication of a planned Post endorsement of Kamala Harris for president, the departure of Post talent has been shocking and included five former editors directly above me in the newsroom's hierarchy." "Nonetheless, Post coverage of Trump remains strong. Yet the policy against opinion in News section columns means less critical scrutiny of Trump -- a result coinciding with Bezos's unseemly and well-document[ed] coziness with the president," Davidson continued. He later wrote, "As a columnist, I can't live with that level of constraint. A column without commentary made me a columnist without a column… When Bezos bought The Post, he provided needed money, energy and direction. The Post continues to produce first-rate journalism now, despite his morale-busting actions." The Post has suffered a dramatic decline in subscriptions, which was further fueled by multiple boycott campaigns against the "Democracy Dies in Darkness" paper over decisions made by Bezos. In October, Bezos set off an uproar when he halted the paper's endorsement of then-Vice President Kamala Harris just days before the November election. Then in February 2025, Bezos announced his directive for the Post's editorial pages to promote "personal liberties and free markets" and vowed not to publish pieces opposing those principles. Both instances sparked a mass exodus of paid subscribers and several resignations, including opinion editor David Shipley, who opposed Bezos' new policy. Last month, the Post tapped Adam O'Neal, formerly of The Economist and The Wall Street Journal, to lead the opinion pages. The paper has lost a flood of reporters to rival publications in recent months, such as Josh Dawsey, Ashey Parker, Michael Schere and Tyler Pager, in addition to columnists who have quit, like Jennifer Rubin, Eugene Robinson and Ruth Marcus. A spokesperson for The Washington Post declined to comment to Fox News Digital.
RNZ News
10-07-2025
- Business
- RNZ News
Buyouts to end in 20 years, panel recommends
business money 41 minutes ago Homeowners whose houses are flooded or damaged by weather events should not expect buy-outs in the future, a panel of experts has recommended to the government. An independent reference group set up by the Ministry for the Environment released a suite of recommendations on Wednesday to help the government shape climate adaptation legislation. The group recommended a 20-year transition period, after which homeowners whose houses are flooded or damaged by weather events should not expect buy-outs. Emile Donovan speaks to Victoria University's chair of the school of government Professor Jonathan Boston about the consequences of any policy change.
Reuters
04-07-2025
- Business
- Reuters
UPS to offers voluntary buyout packages to its US drivers
July 3 (Reuters) - Parcel giant UPS said on Thursday it will offer voluntary buyouts to its full-time U.S. drivers as part of the largest network reconfiguration in its history — a sweeping overhaul that includes cutting 20,000 jobs and closing 73 facilities. The Atlanta-based company had in April announced a network reconfiguration plan following a reduction in deliveries for its key customer, and amid U.S. President Donald Trump's tariffs. The buyout package is in addition to any retirement benefits such as pension and healthcare, the company said in a statement. The Teamsters union, which represents about 330,000 workers at UPS, was first to announce the buyout plans, calling them an "illegal violation" of the national contract, under which UPS had committed to create 22,500 more jobs. "Our members cannot be bought off and we will not allow them to be sold out," said Sean O'Brien, general president of the union. "UPS needs to live up to the existing contract. They must honor their commitments." UPS said it intends to adhere to the terms of its contract with the union.
Daily Mail
04-07-2025
- Business
- Daily Mail
One of America's most important companies slashes 20,000 jobs and offers huge buyouts
UPS is offering voluntary buyouts to its full-time US drivers following its decision to slash 20,000 jobs and close 73 facilities. The Atlanta-based company will be providing its laid off employees with various benefits, including pensions and healthcare. The layoffs are part of UPS's network configuration plan, which also confirms the upcoming closures of over 90 more facilities in the future. The changes are part of the company's $3.5 billion cost reduction target for 2025, aiming to reach a 12 percent US operational margin by next year. UPS, which is one of the largest parcel delivery companies in the US, currently has 490,000 employees, around 330,000 of which are represented by the Teamsters union. The union was the first to announce the buyout, calling it an 'illegal violation' of the national contract in which UPS committed to create 22,500 jobs. 'Our members cannot be bought off and we will not allow them to be sold out. UPS needs to live up to the existing contract. They must honor their commitments,' said Sean O'Brien, general president of the union. The announcement comes months after UPS decided to halve the number of Amazon deliveries it takes before tariffs imposed by President Donald Trump took effect. Deliveries for the e-commerce giant make up around 12 percent of UPS's revenue. The company concluded that its profit margins from Amazon deliveries profit were too small, and it wanted to focus on other markets like healthcare and international deliveries. 'The world has not been faced with such enormous potential impacts to trade in more than 100 years,' said CEO Carol Tomé. Prior to these massive layoffs, UPS axed 12,000 employees and closed 11 facilities last year after its income declined by $1.87 billion due to its 'disappointing year' in 2023. Those layoffs came less than six months after UPS and Teamsters reached a $30 billion deal with its 340,000 person-union, avoiding a potential strike. 'The actions we are taking to reconfigure our network and reduce cost across our business could not be timelier,' Tomé said. 'The macro environment may be uncertain, but with our actions, we will emerge as an even stronger, more nimble UPS.' The 20,000 UPS employees are not alone in this year's string of mass layoffs. UPS CEO Carol Tomé believes the actions being taken to reconfigure its network and cost reduction 'could not be timelier' Amazon CEO Andy Jassy said he plans to reduce the company's corporate workforce over the next few years as AI will make certain roles redundant. It comes after the company laid off around 18,000 employees in 2023, informing them via email. Intel joined the job bloodbath last month by laying off 20,000 employees, particularly those who worked in factories. Microsoft also confirmed it would cut around 4 percent of its global workforce as it ramps up investments in artificial intelligence. The tech giant will slash around 9,000 jobs across different teams, geographies and levels of experience, it said on Wednesday. Besides iconic tech empires, Walmart is scaring its employees by slashing about 1,500 US jobs months after it laid off hundreds of workers in North Carolina.
Yahoo
03-07-2025
- Business
- Yahoo
UPS to offer voluntary buyout packages to its US drivers
(Reuters) -Parcel giant UPS said on Thursday it will offer voluntary buyouts to its full-time U.S. drivers as part of the largest network reconfiguration in its history — a sweeping overhaul that includes cutting 20,000 jobs and closing 73 facilities. The Atlanta-based company had in April announced a network reconfiguration plan following a reduction in deliveries for its key customer, and amid U.S. President Donald Trump's tariffs. The buyout package is in addition to any retirement benefits such as pension and healthcare, the company said in a statement. The Teamsters union, which represents about 330,000 workers at UPS, was first to announce the buyout plans, calling them an "illegal violation" of the national contract, under which UPS had committed to create 22,500 more jobs. "Our members cannot be bought off and we will not allow them to be sold out," said Sean O'Brien, general president of the union. "UPS needs to live up to the existing contract. They must honor their commitments." UPS said it intends to adhere to the terms of its contract with the union.
