SsangYong to Reorganize, Trim Senior Staff

South Korea’s SsangYong Motor Co. tells employees it will restructure in September and reduce its senior staff in February in a sweeping cost-cutting initiative that includes executive salary cuts.

SsangYong CEO Yea Byung-tae also has suggested launching a sabbatical leave program for employees, The Korea Herald reports.

The struggling carmaker has posted operating losses over the past 10 quarters. Losses in the first half of 2019 tripled to 76.9 billion won ($64 million), including a 16% drop to 10,800 unit sales last month.