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| Union members of the troubled GM Korea stage a protest Wednesday against the carmaker's decision to shut its Gunsan factory, one of its four Korean plants. / Yonhap |
By Oh Young-jin
GM Korea will fire half its foreign executives and employees, about 18, by September, its spokesman told The Korea Times Wednesday.
Responding to the union's long-term demand, Kaher Kazem, CEO of the ailing carmaker, emailed the executives to tell them of the downsizing plans.
Each foreign executive costs more than 500 million won ($460,000) a year in wages and welfare expenses. It would save about 10 billion won a year.
A GM spokesman said the executive committee, led by the CEO, has 15 other executives, about half of them foreigners. GM Korea has 15 vice presidents, with eight from abroad.
The carmaker plans to cut vice presidents by 35 percent.
