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AvtoVAZ to Cut Another 1,500 Salaried Jobs
OAO AvtoVAZ tells Bloomberg News that its cost-cutting efforts will include eliminating 1,500 management and salaried jobs in 2015.
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OAO AvtoVAZ tells Bloomberg News that its cost-cutting efforts will include eliminating 1,500 management and salaried jobs in 2015.
The Russian carmaker previously announced a target of reducing its workforce by 12,800 jobs, or 19%, by the end of this year. Those cuts include 6,000 white-collar employees.
Chief Financial Officer Evgeny Belinin tells Bloomberg the company's problem lies with its bloated management structure, which currently includes managers who have only one person to manage.
AvtoVAZ has been struggling to bolster its market-leading Lada brand, which has been losing market share to foreign brands for years. CEO Bo Andersson has said he is counting on new models co-developed with the Renault-Nissan alliance, which controls the company.
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