*

Layoffs include 11 senior leadership roles, 15% of senior

management

*

Expected savings of $210 million in 2023, $300 million by

2026

*

Shares down 10% this year, while Delta and United shares

up over

7%

Feb 17 (Reuters) -

Southwest Airlines ( LUV ) said on Monday it would cut about

15% of corporate jobs, or about 1,750 roles, as the U.S. budget

carrier looks to reduce costs and streamline its organizational

structure.

The reduction also includes leadership positions, Southwest ( LUV )

said, adding it would eliminate 11 senior leadership roles -

which represents 15% of the company's senior management

committee.

"This decision is unprecedented in our 53-year history ...

We are at a pivotal moment as we transform Southwest Airlines ( LUV )

into a leaner, faster, and more agile organization," said CEO

Bob Jordan.

The layoffs, which the company expects to complete

substantially by the end of the second quarter, are estimated to

net $210 million in savings this year and full-year savings of

$300 million in 2026.

The savings exclude an expected one-time charge in the first

quarter of 2025 in the range of $60 million to $80 million,

Southwest ( LUV ) added.

The job cuts are part of Southwest's ( LUV )

previously announced plan

to shore up sagging profits and improve its balance sheet.

The company in September announced a three-year business plan

including partnerships, vacation packages and aircraft

sale-leasebacks.

The Dallas-based carrier last week

named

industry veteran Tom Doxey as its new chief financial

officer, replacing Tammy Romo, who announced plans to retire in

January.

Southwest ( LUV ) last month

reported

fourth-quarter profits that surpassed Wall Street

estimates, on the back of improved airfares and strong holiday

travel demand.

Southwest's ( LUV ) shares have fallen about 10% so far this year,

while peers Delta Air Lines ( DAL ) and United Airlines

have climbed more than 7%.