Auto supplier Marelli Corp. is planning about 1,500 job cuts worldwide in a bid to build a leaner company amid a pandemic-driven components shortage.
The diversified powertrain and electronics company plans to eliminate about 7.5 percent of its 20,000 office staff next year in order to align its workforce and costs with industry levels, according to a letter sent by CEO Beda Bolzenius to employees and seen by Bloomberg News. The content of the letter was subsequently confirmed by the company.
Marelli is also planning a wider restructuring that will include ten new business units and six divisions, the letter said, adding that it will also look to strengthen business in China.
Volker Krebs will be appointed CFO while Juan Molla will be named global chief commercial officer, the letter said. Bharat Vennapusa will be the new chief of global operations.