GM announcing "important changes" on Friday

Due to deteriorating market conditions and a dire cash crunch, General Motors CEO Rick Wagoner will be announcing "important changes" during his company's 3rd quarter earnings report on Friday at 11AM EST The Detroit News obtained an executive level email that foretells the bad news ahead but doesn't go into specifics regarding what actions the General will take. Wagoner did, however, send out an earlier email that stated cuts were necessary. Some cutbacks on the table include both voluntary and involuntary salary layoffs and the loss of certain benefits like 401k matching. GM spokesman Tom Wilkinson verified that change was coming by saying that the struggling automaker would need to make "additional adjustments."

The Friday announcement will likely include a hefty financial loss, too, as evidenced by an earlier announced loss of $2.5 billion by GMAC financial. Seems the General will use the public stage this Friday to announce additional production cuts or plant closings or delays to future products or... all of the above and more. We'll be listening and will let you know.

[Source: The Detroit News, Photo by Bill Pugliano/Getty]

GM announcing "important changes" on Friday originally appeared on Autoblog on Thu, 06 Nov 2008 07:28:00 EST. Please see our terms for use of feeds.

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