Expeditors provides operational update; headcount down 9% YoY, salaries down 17%

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

Headcount declined 9% YoY as of Dec 31, 2023, mostly operational reductions; pace expected to slow in 2024.
Salaries and related costs fell 17% in 2023 vs 2022, driven by lower bonuses and commissions.
Operating income margin below 30% target in Q3 and Q4 2023, first time since Q1 2020.
Hired new Chief Information Security Officer and Chief Technology Officer to bolster cybersecurity and systems.
Reallocating administrative and non-operational headcount back into operational roles.

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