At least for now, Verizon may have cashed in more than anyone in ending its DEI programs. According to The Business Times
“The US Federal Communications Commission (FCC) on Friday (May 16) approved Verizon Communications’ US$20 billion deal to acquire fibre-optic Internet providers Frontier Communications after the largest American telecom company agreed to end its diversity, equity, and inclusion (DEI) programmes… Verizon will no longer maintain any workforce diversity goals and will drop a component of its management compensation plan that historically included a goal to increase the representation of women and minorities in the company’s US workforce.
‘Verizon recognises that some DEI policies and practices could be associated with discrimination,’ said Verizon chief legal officer Vandana Venkatesh.”
This is an ugly precedent, and clear evidence that DEI is a make-or-break matter for M&A activity – at least under FCC’s jurisdiction.
Members can read more about DEI, including ethnicity and race here.
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