Verizon Communications has ended its diversity, equity and inclusion (DEI) programs as it seeks federal approval for its $20 billion acquisition of Frontier Communications. The move comes amid a probe by the Trump administration into those practices.
The Federal Communications Commission (FCC) had criticized Verizon in February for promoting DEI programs, saying they could impact the review of the company’s planned acquisition. In response, Verizon is removing its “Diversity and Inclusion” website, references to DEI in employee training programs, and making changes to its hiring and supplier diversity practices.
Verizon will also end workforce diversity goals and drop a component of its management compensation plan that aimed to boost representation of women and minorities in the U.S. workforce.
The company’s CEO, Hans Vestberg, had described the deal as a “strategic fit” that would make Verizon more competitive in the US market. Frontier CEO Nick Jeffery said the acquisition would deliver a substantial cash premium to shareholders while expanding access to reliable connectivity for Americans.
Source: https://www.foxbusiness.com/markets/verizon-ends-dei-programs-diversity-goals-seeks-approval-frontier-acquisition