Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

10,400 Verizon managers accept buyout offer - Verizon says 10,400 U.S. managers have accepted a voluntary buyout offered as the company seeks to trim costs to invest more into its push into the next-generation network known as 5G. That's about 7 percent of its global workforce.

Verizon offered the buyouts to 44,000 employees this year. most of the staffers taking the buyouts are U.S.-based management staffers, excluding its Oath media business and employees in some customer-facing roles.

The New York company is in the midst of a cost-cutting program to save $10 billion over four years to help it invest in 5G technology. Those accepting the buyout will get up to 60 weeks of salary, bonus and benefits, depending on length of service.

Bunge CEO stepping down - Global grains trader Bunge's CEO Soren Schroder stepped down after months of pressure from shareholders to shake up the company amid a prolonged decline in crop prices.

Bunge bowed to the demands of investors D.E. Shaw and Continental Grain in October, adding three board members and saying it would consider options including selling itself. Later in December, the company also named the CEO of agrichemicals company Syngenta to its board.

The company has been grappling with low crop prices and the ongoing trade war that has slashed U.S. crop exports to China. Bunge's North American headquarters is in Chesterfield.

It was also the target of failed takeover bids from rivals ADM and commodities trader Glencore. Bunge is open to re-engaging with both Glencore and ADM with the departure of Schroder, Bloomberg reported.

Schroder, who served as CEO since 2013, will continue in his current role until a successor is named, the company said in a statement.

Bunge, based in White Plains, N.Y., also appointed board member Kathleen Hyle as chairman, effective immediately. Hyle was most recently the head of the audit committee at the company's board. …

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