Comment on CCA Plans Layoffs and CEO Pay Cuts As Its Stock Keeps Dropping

CCA Plans Layoffs and CEO Pay Cuts As Its Stock Keeps Dropping

The Corrections Corporation of America, the nation's second largest private prison company, announced today that it will eliminate 50 to 55 full-time positions—approximately 12 percent of the corporate workforce—at its headquarters in Nashville, Tennessee. As part of a new effort to restructure the company and reduce costs, CEO Damon Hininger will also forfeit stock options and compensation worth $3.7 million. CCA, the subject of a major Mother Jones investigation, has recently faced a series of setbacks.

 

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