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GM'S BIG OVERHAUL -USA - Automaker to slash jobs and plants in bid to compete with foreign firms
... WILL IT BE ENOUGH?
S.Francisco,CAL,USA -S.Francisco Chronicle -Nov 22, 2005: -- Analysts immediately questioned whether the proposal is enough, saying it lacks the speed and breadth that have helped rivals come back... Analysts said GM's plan is only the first step on a long and difficult road for a company that once dominated the industry but whose prospects have turned bleak. Just last week, Rick Wagoner, GM's beleaguered chief executive, sent an e-mail to the company's approximately 325,000 employees to try to dispel rumors that it would soon file for bankruptcy... And GM is not alone: Ford Motor Co. said last week that it, too, will cut salaried jobs as it prepares its second restructuring plan in four years... Analysts say that inefficiency, plus hesitant leadership, lackluster car designs, management missteps and costly health care and pension plans, are creating competitive gaps with Toyota and other foreign automakers... All told, Detroit auto companies and their suppliers have announced plans to eliminate 98,000 jobs, according to an estimate by Challenger, Gray and Christmas, an executive recruiting firm...
posted by Unknown @ 7:59 PM
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