Firings in the U.S continue unabated: In a boardroom bloodbath, Southwest Airlines to fire 15% of corporate staff; top brass not to be spared, CEO's memo goes viral
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Southwest Airlines layoffs to start in April
According to CNN, the layoffs, set to begin in April, will affect several levels of the company, including senior leadership. Eleven senior positions, including vice presidents and above, will be eliminated as part of this major restructuring effort.
Southwest CEO Bob Jordan said “As we continue to work together to transform our Company, an area of intense focus will be maximizing efficiencies and minimizing costs,” as quoted by CNN. He also called the layoffs “a very difficult and monumental shift,” as per the report.
He said the layoffs would help Southwest save around $210 million this year and $300 million in 2026. However, the company will also face one-time severance costs estimated between $60 million to $80 million.
Financial struggles lead to tough choices
This comes after the airline has had to grapple with some heavy financial strains in its recent past. As per reports, Southwest's stock price has declined by over 50% since early 2021.
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