LITTLE ROCK, Ark. - Windstream Corp. (Nasdaq: WIN) is restructuring its management ranks to increase the efficiency of decision-making and position the company for continued success. The company expects to eliminate approximately 375-400 management positions, or roughly 3 percent of its total workforce of 14,500, as part of the restructuring, which is expected to be complete in the third quarter.
“Windstream has grown rapidly through acquisition, and it is crucial that our management structure be as simple and as responsive to customers as possible as we continue to build this company for long-term success,” said Jeff Gardner, president and CEO of Windstream.
“We began initial planning for this management review last December. It will make us more competitive and improve our ability to continue growing while delivering the best possible experience to our customers as well as the greatest value to our shareholders,” Gardner said.
The changes are expected to result in annualized savings of approximately $30-40 million. Severance benefits and outplacement assistance also will be provided to employees who do not have positions in the new structure.
Windstream Corp. (Nasdaq: WIN) is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas. Windstream has more than $6 billion in annual revenues and is listed on the S&P 500 index. For more information, visit www.windstream.com.
Windstream claims the protection of the safe-harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements about expected annualized savings from the management restructuring, are subject to uncertainties that could cause actual future events and results to differ materially from those expressed in the forward-looking statements. These forward-looking statements are based on estimates, projections, beliefs, and assumptions that Windstream believes are reasonable but are not guarantees of future events and results. Actual future events and results of Windstream may differ materially from those expressed in these forward-looking statements as a result of a number of important factors outlined under the caption “Risk Factors” in Windstream’s Form 10-K for the year ended Dec. 31, 2011, and in subsequent filings with the Securities and Exchange Commission at www.sec.gov.