Stellantis reverses Ohio layoffs weeks after CEO's abrupt departure

[BumRushDaShow]

Source: Reuters

December 22, 2024 6:05 AM EST Updated 3 hours ago


Dec 21 (Reuters) - Stellantis (STLAM.MI) has reversed its decision to lay off about 1,100 employees at an Ohio Jeep plant less than three weeks after the abrupt resignation of Chief Executive Carlos Tavares, the Franco-Italian automaker said late on Saturday.

The company has decided not to put any employees on indefinite layoff from Jan. 5 due to a previously announced shift reduction and will instead extend a worker adjustment and retraining notification notice, a company spokesperson said in an emailed statement. Employees are expected to return to work as scheduled after the new year, the spokesperson said.

Tavares' exit was triggered by targets deemed unrealistic or destructive by some board members, sources told Reuters after his sudden fall from the helm of the world's fourth-biggest automaker, whose brands include Jeep, Ram, Fiat and Peugeot.

Last month, Stellantis announced plans to lay off employees at the Toledo South Assembly Plant, which makes the Jeep Gladiator, in an effort to improve efficiency and reduce inventory across its North American operations. The Chrysler parent faces slipping sales in North America, which has historically brought in sizable profits thanks to sales of its popular Jeep and Ram vehicles. The company's emphasis on cost-cutting intensified under Tavares.

Read more: https://www.reuters.com/business/autos-transportation/stellantis-reverses-decision-lay-off-1100-ohio-jeep-plant-2024-12-22/

[NotHardly]

1. Think of all the money they saved by outboarding that CEO

[cstanleytech]

2. If they really want to make money then they should build a comfortable, cheap, reliable and easy to repair Jeep.

Instead their building expensive ones that are outside the budget of most American households and that's why you see so many white Kia Souls today as it's a all of those things.

[C0RI0LANUS]

3. Oligarchs and elites are out of touch with the common man.

In 2023 alone, CEO Carlos Tavares received a total compensation of $25,400,000 between salary and bonuses. To cut costs, he was ready to lay off workers. On top of that, there were rumors of him receiving a ginormous severance package.

US GDP per capita in 2023: $82,769.40 per the World Bank.

In 2023, Carlos Tavares made 600x more than the average American.



I hope the door didn't hit Carlos Tavares on his way out.

Source:

https://www.clubalfa.it/en/stellantis-says-carlos-tavares-will-not-receive-a-100-million-severance-package-13452