From 1986 article - The Exxon Corporation's move to slash its work force through a voluntary resignation program has startled both oil analysts and longtime employees.
Exxon had indicated earlier that it, along with other oil companies, would be forced to shrink its staff to stay competitive in an environment of low-cost oil.
But when the company sent its letter with details of the offer to 40,000 employees on Tuesday, 27.4 percent of its worldwide staff and about 59 percent of the domestic staff, many were stunned at the magnitude of the cuts apparently being sought.
Exxon officials have said that they do not yet know how many employees they want to leave, either through the voluntary program, whose deadline for acceptance is May 30, or through the layoffs that will be instituted if the program's results are inadequate.