General Motors Corp. plans to eliminate 25,000 jobs in the U.S. by 2008 and to close plants as part of a strategy to revive its struggling North American operations.
Speaking to shareholders at GM’s 96th annual shareholder meeting in Delaware Tuesday morning, Chairman and Chief Executive Rick Wagoner said the capacity and job cuts will generate annual savings of roughly $2.5 billion. Wagoner focused on priorities for clarifying the role of each of GM’s eight brands, intensifying efforts to reduce cost and improve quality and continuing to search for ways to reduce skyrocketing health care costs.
