Levi Strauss & Co. is shaking things up! They're slashing up to 15% of their workforce worldwide. It's a big move under their new boss, Michelle Gass.
Gass is stepping in as CEO and she's not wasting time. These cuts are part of Levi's plan to get more efficient, and they're happening soon - within the first half of the year.
The company's facing some tough times. Economic challenges and problems in their U.S. wholesale business are big hurdles.
Gass, on an earnings call, put it bluntly: "Lots of ups and downs this past year. We're being careful about our next steps."
Here's the deal: Levi's has 20,000 people on its payroll globally. With 5,000 in corporate roles, we're looking at 500-700 jobs on the line. But where and who? That's still under wraps.
Levi's isn't spilling the beans on these job cuts.
The board's got a plan though. It's called Project FUEL. The goal? Boost long-term profits. They're tweaking their operating model, shaking up business processes, and hunting for cost cuts.
Gass is confident. She said these moves drove growth last quarter and will keep shareholders happy for years.
She will be CEO soon. She was picked for the top job in November 2022 and has been warming up as president. She's been working closely with the current CEO, Chip Bergh.
Levi's isn't alone in trimming its team. Big names like Amazon, Google, and Citigroup have already made cuts this year. Even the Los Angeles Times is on that list. Welcome to 2024, where the job landscape is shifting fast.