National Employee Morale Day was celebrated at Boeing Co. (NYSE: BA) yesterday as the company reassigned a number of executives. Buried in the press release about the plans were a number of cost-cutting moves that included layoffs:
The affordability efforts continue, because additional cost reductions are needed, and are supported by reductions in executive ranks and overhead costs. By the end of 2012, Boeing Defense, Space Security expects to have 30 percent fewer executive positions than in 2010.
Perhaps because of union agreements, Boeing cannot lay off large numbers of its rank-and-file. Boeing’s recent moves have not helped its share price, which has fallen from almost $75 less than three weeks ago to just about $70 yesterday. These moves include the launch of its Dreamliner in the United States through customer United Continental Holdings Inc. (NYSE: UAL).
Shares of Boeing are down fractionally in premarket trading to $69.78, in a 52-week range of $62.12 to $77.83.
Douglas A. McIntyre
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.