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Filed under: Hirings/Firings/Layoffs , Volvo Details are scarce at the moment, but we have learned that Volvo's award-winning design director, Steve Mattin, has left the company. While no further details are immediately available (why he left, where he...
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Filed under: Hirings/Firings/Layoffs , Ford , Earnings/Financials Ford's CEO Alan Mulally took hope a tidy $13.57 million compensation package for his work in 2008, While that's a handsome sum, it represents a 37 percent cut of the $21.67 million he took home in 2007 - and that's before the ex-Boeing exec takes an additional 30 percent haircut for 2009. By comparison, General Motors' CEO Rick Wagoner and Chrysler's Bob Nardelli are slated to have salaries of $1 each, although both automakers have already received $17.4 billion in federal loans. In addition, Automotive News reports that the company will abolish merit raises for salaried workers in the U.S. (and in most of its global ops), kill off a worldwide incentive compensation program for 2008 and newer employees, and give no compensation to board members for 2009. In related news that's causing a bit of consternation, AN is reporting that Mulally and executive chairman Bill Ford will continue to use corporate...
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Filed under: Government/Legal , Hirings/Firings/Layoffs , Chrysler, LLC. , GM , Earnings/Financials Curious what it takes to be a member of the recently-created Auto Task Force? Thanks to an email sent out by Harry J. Wilson, a newly-hired Task Force worker, there's no need to wonder. Some knowledge of the auto industry would reportedly be helpful, though prospective applicants and their family members cannot currently own any stock in the Detroit automakers or serve on any of the D-3's boards of directors. Would-be applicants would also need to be "sufficiently intellectually and professionally nimble," whatever that means, and have 8-12 years of experience on Wall Street. Why would Wall Street experience be helpful? It's no secret that the government is hoping that GM and Chrysler can renegotiate and reduce their massive piles of debt, and employees familiar with how complicated financial markets operate might be adept at dealing with creditors. Of course, there's...
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Filed under: Hirings/Firings/Layoffs , Japan , Toyota , Earnings/Financials According to the Los Angeles Times , a town three hours southwest of Tokyo called Toyota City has gone from being the envy of Japan's economy to the city with the country's highest unemployment rate seemingly overnight. What happened? As its name implies, this town is comprised almost entirely of men and women who work for Toyota, the largest automaker in the world - the very same manufacturer that is facing its first year-long operating loss in company history. Because the city's well-being rises and falls right along with the automaker that it is so dependent on, Toyota City's finances are looking pretty dire for the upcoming year, with a projected drop in corporate tax collections of 96.3 percent. Interestingly, city officials have found an American analog with which to compare themselves: Detroit. Norio Seki, general director of the city's industrial labor division, says of Detroit, "I'd...
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Filed under: Government/Legal , Hirings/Firings/Layoffs , Earnings/Financials A new study by consulting firm A.T. Kearney has found that more than half of all current automotive suppliers could file for bankruptcy protection in 2009, resulting in at least 1 million job losses. Even the most optimistic scenario would have 35% of all suppliers facing insolvency, and some projections suggest as many as 70% could face restructuring through bankruptcy. No specific names were mentioned, but these suppliers could range in size from small Tier 2 companies all the way to the largest of all Tier 1 suppliers. The $5 billion Supplier Support Program that was recently announced might help somewhat in this regard, but it's a far cry from the $18.5 billion that the industry had sought. The Kearney study suggests that the number of failed businesses would go down as the amount of government assistance goes up. We think we could have figured that part out ourselves. Thanks for the tip, Leonard ! [Source...
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Filed under: Hirings/Firings/Layoffs , Chrysler, LLC. , UAW/Unions , Canada Remember the worker standoff at Aradco, the Canadian supplier of engine mounts to Chrysler? The automaker had said that the dispute would need to be settled by the end of the week - that would be today, of course - and that's exactly what has happened. According to Canadian Driver , an agreement has been reached between the Canadian Auto Workers union employees and the automaker that sees the displaced employees repaid most of what they were owed, which they claim included a total of $1.7 million in severance, termination and vacation pay. Even though this particular event had a mostly happy ending, union officials in Canada have scolded Chrysler for allowing it to happen in the first place. With a possible bankruptcy looming over two of America's major automakers, this is a salient point that could be revisited time and time again until things get back on track. In Canada's case, though, the country...
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Filed under: Trends , Hirings/Firings/Layoffs , BMW , Earnings/Financials With 58,000 fewer new vehicles sold in 2008 and a net profit nearly 90 percent lower than it was in 2007, The Independent is reporting that BMW is cutting its board member bonuses by 40 percent. In addition, the balance of its 100,000 employees are facing pay cuts. The sales slowdown will also take a bite out of salaries at all levels, as chief executive officer Dr. Norbert Reithofer, explains: A profit-sharing program for our board members, executives and all employees is an important element of our compensation system. We apply this system in good times as well as in challenging times. I am convinced that our employees understand the difficulty of the current situation and are willing to accept this hardship. Although sales and profits have taken a beating (and BMW is clearly not alone ), Reithofer is quick to reiterate that BMW is solvent and determined to remain independent... regardless of any rumors. [Source...
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Filed under: Hirings/Firings/Layoffs , UAW/Unions Despite rumors to the contrary, United Auto Workers President Ron Gettelfinger is getting off the merry-go-round in 2010. The embattled union head honcho had been rumored to be considering seeking a third four-year term , but Gettelfinger himself has since gone on record saying that such notions are "totally untrue and totally unfounded." Instead, he will retire at age 65 next year in accordance with UAW policies. There is no word yet on who will replace Gettelfinger next year, and if the current economic and auto industry malaise continues, whoever succeeds him will assuredly be stepping into a very difficult position. In the meantime, Gettelfinger will continue to work with the Detroit 3 and other union officials to try and protect worker benefits and compensation packages. [Sources: DowJones via CNNMoney.com ; Detroit News | Image: Bill Pugliano/Getty] REPORT: UAW Chief Ron Gettelfinger confirms retirement in 2010 originally...
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