Port Reduces Corporate Division Staff

The Port of Seattle today announced a restructuring of its Corporate Division aimed at reducing costs, focusing on customers' needs and addressing a changed business environment. The Corporate Division provides services such as accounting, engineering, information technology, legal counsel and public affairs support to the Port's Airport and Seaport divisions.

"This is part of an ongoing effort to overcome the challenges we face in these difficult economic times," said Port of Seattle CEO M. R. Dinsmore. The Port expects net operating income in 2002 to be $10 million lower than 2001.

"A combination of factors, from the economic slowdown and the terrorist attacks to fundamental shifts in global transportation, mean we have to change our business focus," Dinsmore added. "We can't sit still while the industries we're active in continue to evolve."

A total of 30 positions, representing seven percent of the Corporate Division staff (not including the Port of Seattle Police Department), are being eliminated as part of the restructuring. The reduction in staff will reduce costs by $1.9 million. In addition, approximately $195,000 in other discretionary spending cuts will be made. All staff members whose jobs are eliminated will receive a severance package and are eligible for career transition assistance.