Commentary: Gm: "Out With The Olds" Is Just The StartDavid Welch
Finally, some harsh medicine at General Motors. After years of excusing away its steady market-share decline, GM CEO Richard Wagoner announced on Dec. 12 that the company will ax its limping and stodgy Oldsmobile division. The auto giant will also sack 10% of its salaried workers--6,000 in the U.S. and 1,700 in Europe--and drastically cut production in Europe, where losses have been mounting.
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