“But you're absolutely right in terms of the timing and announcement, it will be back-end weighted.”

In context

“session. Our first question will come from the line of Chris Wetherbee of Citigroup. Please go ahead. Chris Wetherbee: Yeah. Hey, thanks. Good morning, guys. I guess I wanted to start on maybe some of the cost out. You mentioned the 12,000 positions that you're reducing and the $1 billion of cost in 2024. I was hoping maybe you could help us sort of understand the timing of that. So based on a 10% kind of run rate exiting '24, it would imply that the first quarter is fairly low. So I just want to make sure I understand some of those moving pieces and when that $1 billion is going to start to accrue? Brian Newman: Sure. Happy to give you some color. So we talked about 12,000 heads out. 75% of the reductions will come in the first half, which drive the $1 billion in the 2024 calendar year. But you're absolutely right in terms of the timing and announcement, it will be back-end weighted. And really the thing I'd like to point out is it's a change in the way we work. So as volume returns to the system, we don't expect these jobs to come back. It's changing the effective way that we operate. Carol Tome: And I might just add a little more color, if I could, Chris. Today we have about 495,000 UPSers around the world. A few years ago, when the COVID demand was peaking, we had 540,000 UPSers. So Kate and Nando have done a masterful job of managing our operational headcount to meet the volume in our company. And they've done that by managing turnover and attrition and closing sorts and reducing block hours, et cetera. We have about 85,000 UPSers who are management, and this can be full-time and part-time management. The targeted headcount falls really within that group as well a”