GM to announce “important changes” on Friday

Posted: Nov 05, 2008
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In an e-mail to company executives on Monday, GM CEO Rick Wagoner and COO Fritz Henderson said that the company will announce “important changes” to its automotive operations on Friday when it releases its third-quarter financial results.

According to the e-mail, Wagoner and Henderson will address challenges “brought on by the volatile global economic situation.”

Spokesman Tom Wilkinson said that due to challenges the automotive industry is facing, GM will make have to make additional adjustments that will be announced at 11 am on Friday. It’s not exactly clear what those ‘adjustments’ will be but according to the Detroit News GM will probably cure more white-collar jobs, offer involuntary layoffs and suspend employee 401(k) matching.

GM has lost over $70 billion since 2004.

 

Source: Detroit News


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  • zermatt

    Will they also mention that Rick Wagoner is going to leave the company to “spend more time with his family” or will be “pursuing other interests”?

    I hope so.

  • zermatt

    Will they also mention that Rick Wagoner is going to leave the company to “spend more time with his family” or will be “pursuing other interests”?

    I hope so.