McGraw-Hill to cut 550 jobs from education unit
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Publishing company McGraw-Hill Cos., which owns the Standard & Poor's corporate credit rating firm, says it will cut 550 jobs at its education arm and freeze all employees' pensions next year as part of $100 million in cuts it is making as it splits into two companies.
At the education business, McGraw-Hill said Wednesday that it will cut 20 percent of executive positions and 10 percent of the work force overall, making most of the reductions by the end of this year.
The company said in September that it will split into McGraw-Hill Financial and McGraw-Hill Education.
The changes announced Wednesday include freezing the company's defined-benefit pension plan on April 1 and moving toward market-competitive offerings.
The company also is launching a $500 million accelerated share repurchasing program.
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