Southwest Airlines (LUV) is hitting the pause button on a few of its hirings, internships and worker events this 12 months as the corporate looks to lower costs.

“We’re limiting discretionary costs, including holding on the Southwest Rallies for this 12 months, as we concentrate on reducing costs,” the corporate said in a prepared statement on Tuesday. “We’re also pausing on most summer internship positions (honoring offers already made) and pausing all noncontract internal and external hiring.”

Southwest said that it’s going to proceed to guage its hiring needs on an ongoing basis to find out when it makes essentially the most sense to restart hiring.

Back in September Southwest announced that it could revamp its board and that its chairman would retire in 2025, in a partial concession to hedge fund Elliott Investment Management, which has been pushing for changes on the airline.

Elliott, the fund led by billionaire investor Paul Singer, has built a minority stake in Southwest and advocated for changes it says will improve the corporate’s financial performance and stock price.

The 2 sides reached a settlement in October. On the time, Southwest said that Chairman Gary Kelly and 6 board members would depart on Nov. 1 and get replaced by five Elliott-backed candidates and a former Chevron executive.

Southwest was a profit machine for its first 50 years — it never suffered a full-year loss until the pandemic crushed air travel in 2020. Since then, the corporate has been more profitable than American Airlines but far less so than Delta Air Lines and United Airlines.

Southwest was a scrappy upstart for much of its history. It operated out of less-crowded secondary airports where it could turn around arriving planes and take off quickly with a recent set of passengers. It appealed to budget-conscious travelers by offering low fares and no fees for changing a reservation or checking as much as two bags.

But Southwest now flies to most of the same big airports as its rivals. With the rise of “ultra-low-cost carriers,” it often gets undercut on price.

As a part of its efforts to turnaround the business, Southwest has announced plans to extend revenue by converting nearly one-third of its seats to premium ones with extra legroom. It is going to also begin assigning seats — ending the longtime practice of letting passengers pick their very own seats after boarding the plane. And it’s pursuing partnerships with international airlines, starting with Icelandair, to supply destinations beyond North America and Central America.

In November the Dallas-based airline offered buyouts and prolonged leaves of absence to airport staff to avoid what it called “overstaffing in certain locations,” which it blamed on a shortage of latest planes from Boeing.

Shares of Southwest rose barely in morning trading.