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Article: TXU Corp. Begins Plan for Reducing Officer Ranks by 30 Percent.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 6, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Sudeep Reddy, The Dallas Morning News Knight Ridder/Tribune Business News
Mar. 6--TXU Corp. announced several management changes Wednesday as part of previously announced plans to cut its officer ranks by 30 percent.
The Dallas-based energy company expects to save about $10 million a year by reducing the number of officers from about 100 to 70.
TXU has embarked on a plan to cut $250 million in costs this year, through layoffs, attrition and other reductions in expenses.
During a special shareholders' meeting last month, TXU chairman and chief executive Erle Nye mentioned the company's plans to slash its officer ranks by 25 ...