DETROIT — General Motors on Tuesday said about 5,000 of its salaried employees have elected to leave the company through voluntary buyouts.
CFO Paul Jacobson shared the number during a Bank of America automotive conference and said the program came in line with the automaker's expectations as part of an effort to cut $2 billion in costs over the next two years. The number represents about 6 percent of the 81,000 salaried employees GM had globally at the end of 2022.
GM leaders told employees in a memo Tuesday that no layoffs or terminations are on the table for now.“These results confirm that a company-wide Involuntary Separation Program is not a consideration at this point,” said the memo, which was signed by CEO Mary Barra, Jacobson and Chief People Officer Arden Hoffman. “As always, leaders will continue to have the flexibility to manage their organizations to drive high performance and impact.”