GM to make more job cuts, Ray Young to stay GM CFO… maybe

During General Motors’ 90-day progress report yesterday, CEO Fritz Henderson said that GM has about 10,500 more U.S. workers than called for by year’s end under its previously stated turnaround plan. Since it came out of bankruptcy three months ago, GM has cut its U.S. hourly workforce by 21 percent and salaried ranks by 18.2 percent.

“We need to make additional reductions,” said Tom Wilkinson, a GM spokesman.

The extra positions are currently held by hourly workers since GM recently decided to add shifts to assembly plants.

As for GM’S executive committee, GM’s U.S. head of sales Mark LaNeve will leave the company on Oct. 15 and will be replaced by Susan Docherty. As for previous reports on General Motors’ Chief Financial Officer Ray Young leaving the company in a couple of weeks, Fritz said: “Ray’s our CFO. I read the rumors like you do.”

Which we’re guessing means that Ray isn’t going anywhere.

– By: Omar Rana

Source: Free Press