After losing $10.6 billion last year, GM has been working to shape up fast, taking dramatic steps to rescue its sinking position in the U.S. auto market, explains Detroit Free Press writer Sarah Webster. “Generous Motors — that side of GM that promised big benefits and lifetime job security, but hurt the company’s bottom line — is dead,” Webster says. The point was underlined by John Challenger, chief executive officer of Challenger, Gray & Christmas Inc., a global outplacement firm. He called GM “the last bastion of the lifetime employment system,” he said, “the big question is how many workers will accept the terms — too few and the company will be forced to fire workers; too many and the company could be forced to refuse some people’s wishes to leave.”
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