Luminant Cuts Jobs, Restructures
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Faced with its first ever decline in revenue, e-business firm Luminant Worldwide Corp. Thursday announced a restructuring plan that entails whittling down 18 percent, or about 225 employees.
Jim Corey, chief executive officer and president, had said in October that the true measure of a company is its response to short-term difficulties and its performance in long-term relationships. Thursday's changes seem to reflect this philosophy.
Planned reductions, which are wide ranging, include:
- Reducing the size and scope of the Seattle office; operations in this city will now be centered on the company's national wireless development team
- Attaching the Denver satellite operation to the new West Coast base in San Francisco
- Temporarily downsizing the New York office
- Reducing the size and scope of operations in the Washington, D.C. area
- Reducing corporate support staff to bring headcount into alignment with the requirements of a smaller organization.
- Providing a special package of incentives and rewards for high-performing Luminant employees.
These cuts are extension of the 7 percent of the total staff laid off in October, which the company said was related to managing expenses for bringing headcount in line with revenue.
"We want Luminant to be known for excellent client service, excellent people and profitable growth," said Corey. "The strategic evaluations we've made in conjunction with the 100-day plan have shown us how to reshape and focus the company to improve our operating results in the near term, and produce strong profitable growth in the future."
Corey will address the cuts and consolidations next Tuesday, Nov. 14 in a conference call.