This is the 789th most frequent Dutch word.
voormalig
Former.
Here, 'voormalig' is used as an adjective to describe 'president', indicating that the person held that position in the past.
De voormalige president gaf een toespraak.
The former president gave a speech.
In this sentence, 'voormalig' modifies 'school', specifying that the individual attended this school in the past.
Hij bezocht zijn voormalige school na vele jaren.
He visited his former school after many years.
The term 'voormalig' qualifies 'werknemers', showing that these employees are no longer currently employed by the company.