GM layoffs for thousand people; GM Chief Financial Officer Ray Young will leave the company
According to Bloomberg news agency reported that from sources, General Motors Chief Financial Officer Ray Young will leave the company in the coming weeks due to the company’s financial restructuring.General Motors have hired headhunter company to find a new chief financial officer.
According to sources, General Motors Corp. by the end of this month will cut 1,000 salaried positions. GM spokesman Tom Wilkinson said the majority of employees are being laid off by October 1.
It is reported that General Motors is cutting staff in order to reduce the company’s operating costs, by the end of 2011, the company will shut down 14 U.S. factories and three warehouses, sell or cancel half of their own brands.
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