Paraphrased from my notes during the presentation.
Centers will be consolidated - This means less operations managers will be needed.
Managers and above will become candidates - This means ALL managers and above, not just the ones who happen to be in the eliminated position. Candidate means the manager MAY get a job.
Each management person will be evaluated using this criteria (criteria is listed) - Each means every, not some or those selected or the displaced ones.
People meetings in the regions, district and corporate to fill the remaining positions - This is after all region, district and district staff positions are filled and announced.
The way I read this is the highest levels will be selected first, all remaining (including the extra higher level people) will be candidates for the next lower level, all remaining after this will be candidates for the next lower level and so on. Those left in the end will become unemployed. Rather than axing all the higher level, higher skilled people the opposite will be true - the lower level less skilled people will be the ones left without a job. No bumping, just re-picking the entire team starting from the top down.