3,300 take Shaw buyouts

Photo: The Canadian Press

Shaw Communications says 3,300 of its employees have decided to take a voluntary buyout package — far above the company's original estimate of about 650.

The Calgary-based company says that about one-quarter of its workforce will be departing as part of a previously announced multi-year transformation of its business.

Shaw originally estimated about 10 per cent of the 6,500 eligible employees would take the voluntary buyouts, which were announced about two weeks ago.

It says the company will manage the timing of the departures in an orderly fashion over 18 months to minimize the impact on the business.

Shaw will also incur a $450 million restructuring charge in the second quarter of its 2018 financial year, primarily related to severance costs. Actual payments will be spread over 18 months, starting in April.

The company's chief financial officer, Vito Culmone, will be leaving the organization May 4. He'll be replaced by Trevor English, who has a 20-year career with Shaw including as its chief strategy officer.