Millicom International Cellular layoffs, on the record
Every job cut, severance charge and restructuring Millicom International Cellular reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from 16,527 to approximately 15,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2023 | 16,527 | December 31, 2023 |
| 20-F for 2024 | approximately 14,000 | As of December 31, 2024 |
| 20-F for 2025 | approximately 15,000 | As of December 31, 2025 |
Job cuts, severance and restructuring
Our summaryImplemented Project Everest, a broad-based efficiency and cost-reduction program, incurring severance and other restructuring costs.
Word for word“Beginning in 2022 and throughout 2023 we implemented a broad-based efficiency program ("Project Everest"), and we incurred severance and other restructuring costs of approximately $87 million in 2023.” 20-F for 2023
Our summaryRecorded severance costs and other redundancies tied to the Everest cost reduction project, including accelerated share-based compensation and consulting costs.
Word for word“In 2023, Millicom recorded $ 87 million of severance costs and other redundancies (including the acceleration of share-based compensation and consulting costs related to this cost reduction project).” 20-F for 2023
Our summaryCarried out two waves of a corporate-level restructuring plan.
Word for word“It is within this context that, in the year 2023, two waves of a corporate-level restructuring plan were implemented, from March to December.” 20-F for 2023
Our summaryTigo Colombia announced a voluntary retirement plan for its employees.
Word for word“On January 19, 2024, Tigo Colombia announced a voluntary retirement plan for its employees.” 20-F for 2023
Our summaryRecorded severance expenses in joint ventures, which affected the Honduras joint venture's share of profit.
Word for word“The increased profitability of our Honduras joint venture reflects improved operational performance and lower depreciation, partially offset by severance.” 20-F for 2023
Our summaryCompleted a multi-year cost-reduction and efficiency program, initially called Project Everest, begun in 2022 and continued through 2023 and 2024, with severance and restructuring costs recorded.
Word for word“Beginning in 2022, and continuing throughout 2023 and 2024, we implemented a broad-based efficiency program (initially called "Project Everest"), and we incurred severance and other restructuring costs of approximately $87 million in 2023 and $115 million in 2024.” 20-F for 2024
Our summaryReduced employee headcount by an average of 27% across all geographies and functions over the past two years as part of the restructuring, lowering employee-related costs by about 15%.
Word for word“Achieved approximately 15% savings, excluding restructuring costs, through a 27% average headcount reduction across all geographies and functions over the past two years.” 20-F for 2024
Our summaryRecorded severance costs for the 2024 restructuring, split between wages and salaries and share-based compensation.
Word for word“During 2024 and 2023, Millicom carried out cost reduction projects, with a focus on efficiency improvements; the Group recorded in 2024 $ 115 million of the above mentioned as severance costs (2023: $ 87 million), of which $ 94 million are presented as "Wages and salaries" (2023: $ 78 million) and $ 21 million as "Share based compensation" (2023: $ 9 million).” 20-F for 2024
Our summaryRecorded severance and related one-off costs within 2024 operating expenses for Project Everest.
Word for word“For the year ended December 31, 2024 operating expenses include severance costs related to Project Everest of $115 million and also one-off costs related to buy-out discussions.” 20-F for 2024
Our summaryOperating expenses in 2025 fell and included $20 million of restructuring costs.
Word for word“Operating expenses Operating expenses decreased by 8.2% for the year ended December 31, 2025 to $1,758 million from $1,915 million for the year ended December 31, 2024, reflecting savings from our efficiency program and the depreciation of the Boliviano, partially offset by the increase attributable to the acquisitions of Ecuador and Uruguay, including $20 million of restructuring costs.” 20-F for 2025
Millicom International Cellular has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Millicom International Cellular’s annual reports (20-F for 2025, 20-F for 2024, 20-F for 2023) and the financial data it files with the SEC, as of 2026-03-24. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.