American Suzuki Chairman Ryosaku (“Rick”) Suzuki – he’s the grandson of Michio Suzuki, founder of Suzuki Motor Corp, said that he will step down from his position due to the automaker’s poor sales and earnings in a letter sent to the company’s employees on Friday, March 28.
According to AN, Rick Suzuki stated in the letter that while in 2003 American Suzuki Motor Company (ASMC) implemented and announced a five-year plan to achieve annual sales of 200,000 cars and 300,000 motorcycles & ATVs, 2008 found the company far from its goals, with sales of 100,000 cars and 190,000 motorcycles & ATVs. –Continued
Unfortunately for ASMC employees, Rick Suzuki also wrote in the letter that due to the fact the company reported operating losses in 2007, it will reduce its U.S. work force of 674 by 55 employees through a voluntary retirement plan and that ASMC “is in no position to provide any bonus, let alone pay raise this year”.
Via: AN (Sub. Req)