Windstream Corp., today announced plans to restructure its management footprint across all its operations that is expected to result in the elimination of 375 to 400 management positions, or roughly 3 percent of its workforce of 14,500, when completed in the third quarter of the year.
The Little Rock, Ark.-based company, which acquired Newton-based Iowa Telecom two years ago, said it is undertaking the management restructuring to increase decision-making efficiencies and position the communications provider for further success.
"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," he continued. "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."
The restructuring is expected to result in annualized savings of approximately $30-$40 million. Severance benefits and outplacement assistance will be provided to employees who do not have positions in the new structure.
Company officials said it is too early in the process to know the locations of the positions that will be affected.
After acquiring Iowa Telecom, Windstream downsized its Newton operations and moved from the former Maytag headquarters building back to Iowa Telecom's former office building south of the downtown Newton square.