As we’ve reported, Whirlpool Corporation is laying off 1,000 salaried workers. The first wave of those cuts happened in March. The second wave is happening today (Monday).
The company’s statement follows:
“As announced in March, Whirlpool Corporation is moving to a more simplified and focused organizational model to support its continued transformation into a higher-growth, higher-margin business that will enable its long-term success. The company is shifting to a decentralized model with more autonomous business units and a leaner, more strategic corporate center.
“Different from other organizational changes, the company has been focused on changing the work and a two-wave approach has allowed leaders closer to the work to own the organizational design of the future. The company believes this diligent and purposeful approach will enable a better organizational structure that aligns with the future needs of the business.
“The first wave impacts were shared in March, focusing on the top layers of the organization and select areas of work. The second wave impacts the remainder of the organization, and those details are being shared today. Impacted employees will receive transition support, including a comprehensive severance package and other services.
“These are not easy choices, but they are required to secure the long-term success of the company.”
Whirlpool Corporation has about 59,000 employees globally. It’s not clear how many of the 1,000 job cuts will be centered in Southwest Michigan.
The company has committed $400 million in cost savings in 2024. It has attributed about $50 million of that in structural reorganization affecting employees. Whirlpool Corporation’s stock is currently trading at around $94 a share. The last time the company’s stock was this low was March of 2020.
