The Dallas-based airline said Monday that the job cuts would be focused almost entirely on “corporate overhead and leadership positions,” including senior leadership and directors. Eleven senior leadership positions, representing 15% of the company’s senior management committee, are being eliminated.

The job cuts, which are scheduled to be mostly completed by the end of June, are part of a plan by the airline to slash costs and transform the company into a “leaner, faster, and more agile organization,” Southwest CEO Bob Jordan said in a statement.

“This decision is unprecedented in our 53-year history, and change requires that we make difficult decisions,” Jordan said.

Southwest estimated that the job cuts will save the company about $210 million this year and roughly $300 million in 2026.

In November, the airline offered buyouts and extended leaves of absence to airport workers, including customer service agents, baggage handlers and cargo workers, in a bid to avoid “overstaffing in certain locations.”

The company has been under pressure from hedge fund Elliott Investment Management to increase profits and boost the stock price, which has fallen sharply since early 2021. Southwest shares are down 9.9% so far this year.

The two sides reached a truce in October to avoid a proxy fight, but Elliott won several seats on the Southwest board, which it can use to keep pressure on Jordan and other executives.