- The company expects to cut about 12% of its workforce (50-55 full-time positions) as part of its cost-reduction plan. Alongside, CCA (NYSE:CXW) anticipates taking a $4M charge in Q3.
- The staff cuts along with other initiatives are expected to save about $9M in 2017.
- In support of the plan, CEO Damon Hininger will voluntarily forfeit restricted stock awarded to him earlier this year ($2M fair value), and he has requested the board award him no equity-based compensation next year.
Correction Corp announces restructuring plan
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