(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%.