Southwest Airlines announced on Monday that it will eliminate approximately 15% of its corporate workforce, impacting around 1,750 employees. The company’s CEO described this move as “unprecedented” as they work to reduce expenses.

The airline anticipates that these job cuts will yield net savings of $210 million this year, with projected savings reaching about $300 million by 2026. The majority of the layoffs are expected to be finalized by the end of the second quarter and will include several high-level leadership positions, as stated by CEO Bob Jordan in a staff communication reviewed by CNBC.

“This decision marks a first in our 53-year history, and it necessitates making tough choices,” Jordan noted in a press release. “We find ourselves at a critical juncture as we aim to reshape Southwest Airlines into a more streamlined, quicker, and adaptable organization.”

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