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Severance

All articles tagged with #severance

Disney Tests Voluntary Exit for Senior Executives Amid Cost-Cutting Push
business4 days ago

Disney Tests Voluntary Exit for Senior Executives Amid Cost-Cutting Push

Disney is offering a time-limited Voluntary Early Retirement Offer (VERO) to U.S.-based executives at Director through EVP levels across Disney Entertainment, ESPN, and Corporate who meet a 65-point threshold (age plus years at Disney), with a minimum age of 50 and at least 10 years at the company. Eligible executives can retire with an enhanced package including separation pay up to a year, healthcare at active-employee rates, continued vesting of equity awards for three years, and lifelong Silver Pass access; participation is optional and does not preclude future employment. The program comes as Disney accelerates cost-cutting and ongoing layoffs (over 1,000 announced in April, with more in July). Contractors are excluded, and there will be a defined election window followed by a confirmation period. This is the first such offer in years, following voluntary buyouts in 2001 and 2009.

via Deadline|
#business#disney#executives
Howard Stern Staffers Push Back on Severance After SiriusXM Layoffs
entertainment28 days ago

Howard Stern Staffers Push Back on Severance After SiriusXM Layoffs

Former Howard Stern Show staffers reportedly rejected SiriusXM’s severance offers—which reportedly paid about one week’s pay per year worked and came with strict NDAs—and are negotiating exit terms with HR, as more than a dozen employees (including at least five on‑air personalities) were laid off. The shakeup comes as Stern recently signed a new three‑year contract and will reduce his live show to one episode per week starting in September.

via Yahoo|
#entertainment#howard-stern#layoffs
Bethesda Montreal layoffs spark legal challenge over minimal severance and cut benefits
business1 month ago

Bethesda Montreal layoffs spark legal challenge over minimal severance and cut benefits

Following Fallout 5 and other announcements, Bethesda Montreal employees were told they’d receive the smallest severance legally possible without bargaining with the union and would immediately lose their group health insurance; dozens of US and Canadian staff were laid off, with Canadian workers receiving termination letters by July 17, prompting OneBGS to file a complaint alleging Canadian labor-law violations.

via Rock Paper Shotgun|
#bethesda-montreal#business#health-insurance
Tech Giants Burn Billions on Severance as Job Cuts Reshape the Industry
business1 month ago

Tech Giants Burn Billions on Severance as Job Cuts Reshape the Industry

Tech giants are spending billions on severance and layoffs as they trim staff after the pandemic-era hiring spree. Amazon disclosed about $2.7 billion in estimated severance through 2025 (with $1.8B recorded in the prior quarter) as it continues large-scale job cuts; other Mag 7 members either did not disclose severance separately or lumped it with restructuring charges. Outside that group, Oracle and Intel each reported roughly $1.8 billion in severance costs, while Dell ($569M) and Cisco ($617M) posted sizable exit costs; AMD and Micron reported much smaller figures. Headcount declines were sharp (Intel ~25,000 in 2025; Oracle ~21,000; Dell ~36,000 over three years), signaling a shift toward cloud/AI investment and cost discipline over expansion. Amazon’s implied severance per laid-off employee was about $60,000.

via Business Insider|
#amazon#business#intel
Eight Hours of Chaos: Harlan Coben’s I Will Find You Is a Gloriously Messy Netflix Binge
arts-entertainment2 months ago

Eight Hours of Chaos: Harlan Coben’s I Will Find You Is a Gloriously Messy Netflix Binge

Adam White’s review of Harlan Coben’s I Will Find You on Netflix calls it a gloriously overstuffed eight-episode fever dream: a web of convoluted twists, DNA-swapping plots, and interconnected characters that feel like a mash-up of The Fugitive, Prison Break, and Batman-tinged melodrama. Despite (or because of) its nonsense, the eight-hour binge is compulsively watchable, with a starry cast that includes Sam Worthington, Britt Lower, and Milo Ventimiglia, making it hard to tell if you’re awake or dreaming by the end.

via The Independent|
#arts-entertainment#harlan-coben#milo-ventimiglia
Salesforce Extends Severance to 30 Weeks Amid Layoffs
business2 months ago

Salesforce Extends Severance to 30 Weeks Amid Layoffs

Salesforce’s U.S. severance plan pays based on level, tenure, and age: senior directors get 13 weeks, senior managers and below 9 weeks, with an extra four weeks for employees 60+, plus three more weeks per year of service. The total cap is 26 weeks (30 weeks for those 60+), and COBRA coverage lasts six months (12 months for those 60+). The package can total up to 30 weeks, a generosity level larger than recent offers from Oracle, Amazon, and Block, as the company conducts layoffs amid AI-related concerns.

via Business Insider|
#big-tech#business#cobra
Meta’s Zuckerberg promises no more company-wide layoffs this year after 8,000-job cut
business3 months ago

Meta’s Zuckerberg promises no more company-wide layoffs this year after 8,000-job cut

Meta cut about 8,000 jobs (roughly 10% of staff) in three waves, with 7,000 reassigned to AI projects and roughly 6,000 roles scrapped. In an email to remaining employees, Mark Zuckerberg promised there would be no further company-wide layoffs this year and acknowledged that Meta’s communications during the layoffs had been poor. The company is pouring money into AI-related infrastructure and research, and severance for those let go includes 16 weeks’ pay plus 2 weeks per year worked, plus 18 months of COBRA coverage, as the corporate rethink continues for what survives—about 70,000 employees.

via The Times of India|
#ai-investment#business#layoffs
Meta trims 10% of staff as it doubles down on AI
business3 months ago

Meta trims 10% of staff as it doubles down on AI

Meta announced a 10% workforce reduction, cutting about 8,000 jobs and not filling roughly 6,000 open roles, while redirecting around 7,000 employees into AI-related work. Mark Zuckerberg framed AI as the defining technology of our era, warned that success isn’t guaranteed, and said there should be no additional cuts in 2026, with severance and support extended to affected US employees as the company reshapes for an AI-led future.

via NBC News|
#artificial-intelligence#business#layoffs
Meta reshuffles workforce with 8,000 layoffs and major AI pivot
technology-news3 months ago

Meta reshuffles workforce with 8,000 layoffs and major AI pivot

Meta announced sweeping layoffs affecting about 8,000 workers (roughly 10% of its global staff), canceled 6,000 planned hires, and reassigns 7,000 employees to AI-focused roles. US employees will receive 16 weeks of severance plus two extra weeks per year of service. The move underlines a deep pivot to artificial intelligence even as morale concerns build over pay cuts and data practices tied to AI training, with investors watching AI investments closely.

via Al Jazeera|
#artificial-intelligence#layoffs#meta
Meta Chips Away at Staff in AI-Driven Overhaul
technology3 months ago

Meta Chips Away at Staff in AI-Driven Overhaul

Meta is laying off about 8,000 workers (roughly 10% of its 78,000-strong workforce) in three waves while shifting more than 7,000 employees to AI initiatives and flattening management layers. US severance includes 16 weeks of base pay plus two weeks per year of service, plus 18 months of healthcare; international packages vary. The move aligns with Meta’s heavy AI push and 2026 capital expenditures guidance, but morale has suffered and more restructuring could follow.

via Business Insider|
#ai#layoffs#meta
FanDuel Awards $4.37 Million Severance to Ex-CEO Amy Howe as Leadership Changes
business3 months ago

FanDuel Awards $4.37 Million Severance to Ex-CEO Amy Howe as Leadership Changes

Flutter disclosed in an SEC filing that Amy Howe will receive a $4.37 million severance after being terminated as FanDuel’s CEO; the package includes about two years of base pay and bonuses, vested stock awards, and up to 12 months of health coverage, with Howe to be succeeded by FanDuel president Christian Genetski. Howe has led FanDuel since 2021, during a period of growth for the brand, while Flutter’s stock has faced pressure amid sector-wide declines.

via Sportico.com|
#amy-howe#business#fanduel