For the first time in its 53-year history, Southwest Airlines announced mass layoffs that are specifically affecting its corporate workforce. Southwest plans to cut 1,750 jobs, or 15% of its corporate leg.

Southwest Airlines Co. will cut about 1,750 jobs in its leadership ranks, a dramatic step to reduce expenses that mark the first layoffs in the carrier’s history.

Southwest Airlines Co.’s stock rose 0.5% Tuesday, after the carrier said it’s cutting 1,750 corporate positions, equal to 15% of that group, as it moves to cut costs and create a leaner organization.