India, Feb. 18 -- Shares of Southwest Airlines Co. were gaining around 2 percent in the pre-market activity on the NYSE after the airline announced around 15% reduction in its corporate workforce, the first time in its 53-year history, as part of its cost cut initiatives.
Aiming for a leaner and more agile organization under its transformational plan, the company plans to reduce around 1,750 employee roles almost entirely on corporate overhead and leadership positions.
Eleven senior leadership positions, such as Vice President and above, also representing 15 percent of the Company's senior management committee, will be eliminated as part of the restructuring. The company noted that layoffs will be substantially complete by the end of seco...