Telus to cut 1,500 jobs
06 November 2015 |
Telus is cutting 1,500 jobs in a bid to reduce costs and further grow its business.
The company said the layoffs, which represent approximately 3% of the 43,700 workforce, will save as much as $94.9 million (C$125 million) a year. A “notable number” will be voluntary departures and early retirements.
“These are very difficult decisions to make but a necessary element of aligning our organisation with the growth, customer service and capital allocation activities we are implementing,” said Darren Entwistle, president and CEO of Telus.
Entwistle returned to lead Telus following a sudden resignation of then president and CEO Joe Natale in August 2015.
Telus said it will raise its quarterly dividends to shareholders to $0.33 (C$0.44) per share, its tenth dividend increase under a programme announced in 2011.
The operator’s third quarter financial results reported that net income and adjusted net income both increased by 2.8%, rising to $276 million and $302 million (C$365 million and C$398 million) respectively.
Entwistle said Telus has continued to deliver strong financial and operational results in both its fixed and mobile businesses, and will seek to increase its efficiency initiatives with an additional $125 million in the fourth quarter.
“As we finish the year and look towards 2016, we will continue to focus on the company’s long-term and disciplined strategy of investing in our wireless and wireline data growth engines, and earning the privilege of building customer loyalty through constantly improving client service excellence,” he said.