GM to announce “important changes” on Friday

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