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  • 9 months ago
The Digicel Group has announced plans to cut jobs in Trinidad and Tobago as part of a major decentralisation strategy.


Vishanna Phagoo tells us more in our Inside Business.
Transcript
00:00InsideBusiness is brought to you by Quartz.
00:16Trinidad and Tobago has been named among seven countries
00:20where the Digicel Group has confirmed job cuts
00:23as part of its strategy to remain relevant and competitive
00:27in what it describes as an ever-evolving industry.
00:31The seven affected countries are Cayman, El Salvador,
00:35Haiti, Jamaica, St. Lucia, the United States,
00:39and Trinidad and Tobago.
00:41In a statement, the company also revealed
00:44that it had started a consultation period with affected staff.
00:48However, despite inquiries,
00:51Digicel TNT has yet to reveal the extent of job losses locally.
00:56This announcement comes less than a week
00:58after Abraham Smith stepped down as CEO of Digicel TNT,
01:03returning to the United States.
01:06A replacement has not yet been named.
01:09Digicel says it is committed to efficiency and customer service,
01:13stating, quote,
01:15The pace of change in our hyperconnected world is furious
01:19and we must evolve in real time to remain competitive.
01:23Central to that is ensuring we have the right talent
01:26in the right places across our organization.
01:29Digicel says it has spent the last few months
01:32reviewing the organization's structure
01:35and redesigning its business to be fit for growth.
01:38Digicel stated, quote,
01:40As always, we are committed to assisting our people
01:43through this period and to ensuring they are treated
01:46with the utmost dignity and respect through the process.
01:50Likewise, we will of course honor our commitments
01:53to them in line with local labor laws and practices.
01:56The latest cuts come just over a year
01:59after a major 18-month restructuring exercise
02:02that saw Digicel's founder, Dennis O'Brien,
02:05step down as chairman,
02:07assuming a non-executive role on the board.
02:09He was replaced by Rajiv Suri.
02:12Then on May 1st last year,
02:14Marcelo Cataldo was appointed as Digicel's new group CEO.
02:19The restructuring followed a U.S. $1.7 billion
02:22debt-for-equity swap,
02:24which saw a group of bondholders take control
02:27of 90% of the highly leveraged business.
02:30Veshana Pargu for InsideBusiness.
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