Southwest Airlines is pausing corporate hiring, promotions, and most summer internships, while suspending some employee team-building events to reduce costs and improve margins.

CEO Bob Jordan emphasized the importance of financial performance and said the company would evaluate hiring needs as necessary.

The airline is also halting its long-standing employee rallies and other activities to focus on profitability.

This move comes after pressure from activist Elliott Investment Management, which led to changes in the board, CNBC has reported.

Southwest is working on plans to boost profits, including shifting to assigned seating and cutting unprofitable routes.

Written by B.C. Begley