STORY: Southwest Airlines is cutting 15% of corporate jobs, or about 1,750 roles.
The budget carrier announced the move Monday, saying it wants to reduce costs and streamline its organization.
That will include trimming senior management, with 11 leadership roles to go.
Chief Executive Bob Jordan called it an “unprecedented” move in the airline’s 53-year history.
Southwest says it hopes to largely complete the layoffs by the end of the second quarter.
They’re meant to generate annual savings of $300 million from next year.
The cuts are part of a turnaround plan Southwest announced in September to shore up sagging profits and bolster its balance sheet.
That three-year plan included new partnerships and the sale and leaseback of some jets.
It all comes as the industry grapples with soaring costs for labor and aircraft maintenance.
Southwest has also been hard hit by the turmoil at Boeing, which supplies all of its planes.
That has resulted in delays to the delivery of new 737s.
Last month, Southwest did report fourth-quarter profits that beat Wall Street estimates though, helped by improved airfares and strong holiday demand.
But shares in the firm are down around 10% this year, even while peers like Delta Air Lines and United have climbed.
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