Hawaiian Telcom offering retirement incentives
Hawaiian Telcom Communications Inc. yesterday said it is offering another round of early retirement incentive packages to 55 employees across the company.
The offer was made to employees as part of a cost-cutting measure begun this fall, and applies to specific workers 55 years of age or older with 25 or more years of service, as well as workers aged 60 or older with five or more years of service.
"We see this as a positive step in our strategic plan to improve our financial and operational performance," CEO Mike Ruley said in a statement.
The early retirement offer applies to 3 percent of the 1,632 employees reported in the Honolulu-based company's November third-quarter filing. The company made a similar offer to 95 employees last January, spokeswoman Ann Nishida said. Out of those, 60 accepted the package, which includes an undisclosed cash payment.
Nishida declined to release the cost savings of the early retirement packages.
Hawaiian Telcom lost $29.5 million in the third quarter, versus $43.9 million a year earlier. Results continued to be impacted by efforts to clean up system problems that have plagued the company since last year, and above-normal levels of credits and adjustments.
In November, the company announced that three executive positions were eliminated or consolidated. The senior vice president of sales and marketing, the vice president of human resources and the vice president of directories were to be laid off. The sales and marketing position was filled by the vice president of video services, a position that will go unfilled.