Jun. 21, 2021 4:20 PM ET
Exxon Mobil Corporation (XOM)
By: Carl Surran, SA News Editor
Exxon Mobil (NYSE:XOM) plans to cut headcount at its U.S. offices by 5%-10% annually for the next 3-5 years by using its performance evaluation system to weed out low performers, Bloomberg reports.
The cuts will target the lowest-rated employees relative to peers and thus will not be characterized as layoffs, according to the report, adding the plan is separate from Exxon's announcement last year that it would cut 14K jobs worldwide by 2022.
"This is an annual process which has been in place for many years, and it is meant to improve performance," and is "unrelated to workforce reduction plans," a company spokesperson says in response to the report.