Southwest Airlines Stock Rises After Company Starts First-Ever Mass Layoff Plan
1. Southwest Airlines to cut 15% of workforce, ~1,750 jobs. 2. Cuts are expected to save $210 million in 2024, $300 million in 2025. 3. Share price rose 2% as layoffs announced; previously down 10% this year. 4. CEO states need for transformation, indicating significant operational changes. 5. Activist investor pressure led to restructuring efforts and leadership changes.