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In the wake of Volkswagen's layoffs, Rite Aid laying off their C-Suite and Tesla's layoffs, investors may be wondering whether or not the layoffs are for the best.
Rite Aid (RAD) - Get Rite Aid Corporation Report said it would cut about 400 full-time positions, or more than 20% of its corporate positions at the company's headquarters and "across the field organization."
Chief Executive Officer John Standley, Chief Operating Officer Kermit Crawford, Chief Financial Officer Darren Kast and Derek Griffith, executive vice president of store operations, will all be departing under the transition plan.
Volkswagen (VLKAY) plans to cut between 5,000 to 7,000 jobs by 2023 as the German carmaker shifts its focus to electric vehicles.
The job cuts won't come strictly through firings. Much of them will be done through retirement offers, as 11,000 workers will be eligible for retirement by 2019
The layoffs are just the latest cost-savings move by the electric carmaker.
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