A website devoted to following the development of that futuristic vision of automotive efficiency known as the Aptera has spent much of the month of November in stomach-knotting suspense as rumors began flowing that CEO Paul Wilbur and company directors were planning significant staff cuts (thread here). According to multiple anonymous sources, the blood-letting began in earnest on Thursday when the top fabrication engineer and supervisor (and aluminum jewelery maker) Tim Dine was axed and conti
Christian Streiff, CEO of PSA Peuget/Citroen since early 2007, has been pushed out by Peugeot's board, controlled by members of the Peugeot family. Streiff took the position after a short, turbulent stint as CEO of Airbus, and his time at Peugeot wasn't much more relaxing. Upon taking the position he stirred things up, changing how models were developed and manufactured. The company earned profits of €885 million in 2007, and while Streiff was controversial to some, he was safe.
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:
Next Monday is President's Day, and a lot of workers will get the day off. Some other employees, like former Kia execs Len Hunt, CEO of Kia Motors America, and Ian Beavis, VP of marketing, will have more than just the day off: they recently ended their employment with Kia over what's being portrayed as a case of humor that got lost in translation.