General Motors announced Monday a major restructuring of its global business, shutting at least three production facilities in North America and slashing its staff.
The moves are the first big steps in the century-old GM’s transformation. It is closing facilities and reinvesting money away from cars that once dominated roadways and to technology that the company believes will power its future.
“These actions will increase the long-term profit and cash generation potential of the company and improve resilience through the cycle,” CEO Mary Barra said.
GM (GM) said it reduce its salaried workforce by 15%, including a quarter of the company’s executives.