General Motors slashes some global executive positions
(CBS DETROIT) - General Motors is eliminating several salaried positions, including some global executives, the company announced Tuesday.
In an internal memo provided by the automaker, GM Chief People Officer said: "2023 is a critically important year for GM; we are executing multiple global product launches that will shape our company and industry for decades to come."
"To deliver on our commitments and win in this industry, we must have a winning team and hold ourselves accountable for performing at a high level; by focusing on our efficiency, we are preparing for a more competitive environment," Hoffman went on to say.
"Today's action follows our most recent performance calibration and supports managing the attrition curve as part of our overall structural costs reduction effort. This action impacts a small number of salaried employees and executives globally."
GM says it plans to save $2 billion over the next two years, and that will come from "reducing corporate expenses, overhead, and complexity in all our products."
In January, GM announced it made $1.99 billion from October through December 2022, pushing the automaker's profits up 16% from the same period in 2021.