Shaw Communications says 3,300 of its hands have decided to take a voluntary buyout package — far above the partnership’s original estimate of about 650.
The Calgary-based company says that regarding one-quarter of its workforce will be departing as part of a previously announced multi-year permutation of its business.
Shaw originally estimated about 10 per cent of the 6,500 fit employees would take the voluntary buyouts, which were confirmed about two weeks ago.
It says the company will manage the timing of the departures in an regular fashion over 18 months to minimize the impact on the business.
Shaw will-power also incur a $450 million restructuring charge in the second rooms of its 2018 financial year, primarily related to severance costs. Authentic payments will be spread over 18 months, starting in April.
The retinue’s chief financial officer, Vito Culmone, will be leaving the shape May 4. He’ll be replaced by Trevor English, who has a 20-year career with Shaw numbering as its chief strategy officer.