At&T Managers Rush Out The Door
AT&T CEO MIKE ARMSTRONG IS GETTING WHAT HE WANTED--but perhaps more quickly than he would have liked. The long-distance giant plans a pretax charge of more than $1.2 billion in the second quarter because more managers are taking an early retirement package than originally anticipated. Armstrong said in January that he wanted to cut up to 11,000 managers by the end of 1999, but 14,000 managers are now expected to take the voluntary package. The cuts are part of Armstrong's effort to reduce overhead to 22% of sales from 29% by the end of 1999.
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