Verizon is planning to cut about 15,000 jobs in the telecommunications company’s largest-ever layoffs as part of a restructuring under its new CEO.

Reuters reported the looming layoffs on Thursday, citing an unnamed person familiar with the matter.

The job cuts will impact 15 percent of the US-based company’s workforce, and are set to take place as soon as next week, the person said.

A Verizon spokesperson declined to comment.

The cuts, following the appointment of former PayPal boss Dan Schulman as CEO in early October, are aimed at the company’s non-union management ranks and are expected to affect more than 20 percent of that workforce, one source said. Verizon also plans to transition around 180 corporate-owned retail stores into franchised operations, the source added.

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