General Motors To Cut 10,000 Jobs

  (New York, NY)  --  General Motors is cutting another 10,000 jobs worldwide.
   The automobile company says it will cut its global workforce from 73,000 to 63,000, while imposing pay cuts on the rest of its salaried workers.

   Among U.S. workers, the company says about 3,400 of its more than 29,000 workers will lose their jobs.
   The job cuts are the latest step the troubled car maker is taking to pare down its operations as part of a restructuring plan it has to present to the government on February 17th.

   In a press release on the company website, GM said these "difficult" actions are necessary because of a severe drop in worldwide vehicle sales and by the need for the company to restructure for long-term viability.
   In addition to the latest cuts, executive employees will have their base pay sliced by 10-percent, with others seeing cuts of between 3-7-percent.

   GM also announced today its Vice Chairman of Global Product Development, Bob Lutz, plans to retire.
   Starting April 1st, Lutz will transition into the role of Vice Chairman and Senior Advisor, where he is expected to remain until his retirement.

   Thomas Stephens takes over as Vice Chairman of Global Product Development on April first. GM head Rick Wagoner says that Bob Lutz was already a legend in the industry when he rejoined the company in 2001.


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