LITTLE ROCK, Ark., May 31, 2012 (GLOBE NEWSWIRE) -- Windstream Corp.
(NYSE:WIN, news, filings) 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.
The Windstream Corporation logo is available at
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
CONTACT: Media Contact:
David Avery, 501-748-5876
Mary Michaels, 501-748-7578