https://en.wikipedia.org/wiki/Robert_E._Allen_(telecommunications_executive) [wikipedia]

Just from memory, I think contemporary accounts said it was 40,000 laid off (not 50,000) from AT&T that year, and that he also received a bonus (probably just shares of stock).

I was taking business classes at the time, so we had to read WSJ and business magazines as part of our requirement. (The campus library got actual paper copies of everything. This was before most of us had or even knew about the Internet.)