United Parcel Servce is planning to offer buyouts to some management employees, according to a person familiar with the matter, as Chief Executive Carol Tomé aims to trim payroll costs at the delivery giant.

Ticker Security Last Change Change %
UPS UNITED PARCEL SERVICE INC. 159.75 -0.12 -0.08%

The Atlanta-based company is expected to present the buyouts to qualifying management in non-operations roles on Friday, the person said. The workers would leave in two phases: by the end of 2020, and mid-2021, the person said.

A spokesman for the company confirmed it was offering buyouts, but declined to say who was eligible and how many jobs UPS was looking to shed.

“UPS is providing voluntary severance offers to some employees as part of its transformation,” the spokesman said. “Aligning our

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Atlanta-based Coca-Cola Company announced Friday a major global reorganization of its workforce that will lead to thousands of job cuts and buyouts for employees in the United States and Canada.

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KO COCA-COLA COMPANY 49.38 +1.15 +2.37%
PEP PEPSICO INC. 138.94 +0.54 +0.39%

The beverage giant said that in order to “minimize the impact” from the structural changes,  it will offer voluntary separation packages to 4,000 employees working in the continental U.S., Canada and Puerto Rico that were hired on or before Sept. 1, 2017.

CORONAVIRUS IS KILLING MORE JOBS PERMANENTLY

The company is forecasting its overall global severance program will cost between $350 million and $550 million.

Coke has more than 86,200 employees worldwide of which more than 10,000 were in the United States.

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