According to the Detroit News, Jerry York (pictured), a former CFO at both Chrysler (before its merger with Daimler-Benz to form DaimlerChrysler) and IBM and currently aide to Kirk Kerkorian, is expected to announce at the Society of Automotive Analyst gathering that GM has not gone far enough in its restructuring to offset its losses in the North American market.
GM had already stated last year that it planned to close nine of its factories in North America and cut over 30,000 jobs. But York (and, presumably, for Kerkorian) will most likely push for cuts across all departments and sections at the company, including cuts on executives’ salaries which is also advocated by the United Auto Workers’ President Gettelfinger. This includes cutting the annual stock dividend which, if cut by fifty percent, could save the company 500 million yearly (though it would directly affect York and Kerkorian's shares.)
"If anybody gives, everybody gives," Gettelfinger has said in recent interviews.
GM had already stated last year that it planned to close nine of its factories in North America and cut over 30,000 jobs. But York (and, presumably, for Kerkorian) will most likely push for cuts across all departments and sections at the company, including cuts on executives’ salaries which is also advocated by the United Auto Workers’ President Gettelfinger. This includes cutting the annual stock dividend which, if cut by fifty percent, could save the company 500 million yearly (though it would directly affect York and Kerkorian's shares.)
"If anybody gives, everybody gives," Gettelfinger has said in recent interviews.
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