Richmond, Virginia-based LandAmerica Financial Group Inc., a provider of real estate transaction services, announced a 13-percent staff reduction in its residential and lender services sector this week. By year’s end, the company expects to eliminate 1,100 positions.

The decision to implement staff reductions is part of LandAmerica’s initiative to improve operating efficiencies in a marketplace where mortgage loan originations are on the decline.
“We are pleased to establish an additional share repurchase program based on the cash generated from our operations as well as the recent redomestication of our principal insurance subsidiaries,” said Chairman and Chief Executive Officer Theodore L. Chandler Jr. “In these difficult times, we are committed to continuing to execute on our strategic plan, including maximizing operating efficiencies. These reductions are intended to thoughtfully address productivity while preserving our commitment to superior service. We believe these actions further demonstrate our commitment to improving our return on equity for our shareholders and positioning the company for long-term success.”
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