November 8, 2019 / 11:26 AM / 9 months ago

Daimler to cut 1,100 managing positions worldwide: Sueddeutsche Zeitung

FILE PHOTO - The Daimler logo is seen before the Daimler annual shareholder meeting in Berlin, Germany, April 5, 2018. REUTERS/Hannibal Hanschke

FRANKFURT (Reuters) - Daimler (DAIGn.DE) will cut 1,100 leadership positions worldwide, or about 10% of its management, German daily Sueddeutsche Zeitung said on Friday, citing a newsletter circulated by the company’s works council.

A spokewoman for Daimler’s works council referred to an internal letter circulated by works council chief Michael Brecht.

“The works council was recently informed by management about the personnel and financial situation of the company,” Brecht told employees. “Talks have started, there are no results yet.”

Daimler’s works council rules out compulsory layoffs until 2030, Brecht said, adding that voluntary buyouts should be possible but only in a situation when both parties consent.

Daimler’s new Chief Executive is due to give a strategy update, which could include cost measures, on Nov. 14.

Daimler said the carmaker was working on a cost analysis so that the car, truck and bus maker can remain competitive going forward. Details will be revealed during the carmaker’s capital markets day.

“We are in constructive talks with employee representatives and cannot comment on speculation,” Daimler said.

Reporting by Edward Taylor, editing by Thomas Escritt

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