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Exelon (EXC) Slashes 500 Jobs As Cost-Cutting Measure
Exelon just announced that is will be slashing 500 jobs as part of a company-wide cost-cutting campaign. As a result, the utility expects to post a charge of $40 million in the second quarter of this year, but will save $350 million in 2010 in operating and maintenance costs. Most of the positions being eliminated are in corporate support, but the program will also affect executive-level employees by freezing salaries and changing compensation plans.
In the Wall Street Journal, Exelon’s Chairman and CEO John Rowe commented on the program:
"The aggressive steps we are announcing today will enable Exelon to continue to perform at a very high level," said Chairman and Chief Executive John Rowe. "By rethinking our executive team structure and streamlining corporate support functions, we will increase both our efficiency and our focus on operational excellence."
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