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Private aviation supplier Wheels Up has begun a layoff of corporate employees, the company informed employees in a Wednesday memo, according to a filing with the U.S. Securities and Exchange Commission.
Wheels Up didn’t specify the number of affected employees but noted that it expected to “realize run-rate savings of approximately $30 million on an annualized basis” as a result of the reductions. The layoffs exclude pilots, frontline maintenance and other customer-facing roles, CEO Kenny Dichter wrote in the memo to employees.
“These actions are consistent with our previously communicated Path to Profitability Plan and will help us realize the cost and organizational synergies resulting from acquisitions we’ve made over the past two years,” according to Dichter’s memo.
Wheels Up in recent years has acquired several charter air companies, including Air Partner, Alante Air Charter and Mountain Aviation.
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Image and article originally from www.businesstravelnews.com. Read the original article here.