First Energy Plans About 200 Job Cuts
FirstEnergy (NYSE: FE) announced today that it is conducting an organizational study to determine how its workforce should be aligned to best meet the challenges of the continued weak economy. The initiative will include a review of corporate support departments and FirstEnergy Solutions, located primarily in Akron.
The results of the organizational study will be announced in early November. Staffing reductions of approximately 200 employees are expected. Affected employees will be eligible for benefits under FirstEnergy's severance plan.
"This effort is in response to a combination of economic factors, including continued slow customer load growth and an abundance of electric generation supply resulting in low power prices," said Anthony J. Alexander, FirstEnergy president and chief executive officer. "While this is a difficult step to take, it is part of our ongoing efforts to meet these economic challenges head-on and ensure the company is positioned for long-term growth and success."
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.