Avtovaz boss Bo Andersson is out following sales slump
- 8 years ago
Russian carmarker Avtovaz is losing its chief executive.
Word that Bo Inge Andersson will step down came from Renault-Nissan, which has a majority stake in the holding company that controls Avtovaz.
This comes weeks after the firm – best know for its Lada marque – reported a record loss after its bottom line was hammered by a prolonged decline in Russian car sales as the country’s economy tanked.
Renault then wrote down the value of its investment in the firm by 70 percent.
Under Andersson, Avtovaz has cut its workforce by almost 20,000 since 2014, reduced other fixed costs and made headway in cleaning up its once corrupt and inefficient supplier network.
The layoffs were criticised by Russian state-owned conglomerate Rostec, which owns a third of Avtovaz. Rostec CEO Sergei Chemezov said workers were being “kicked out on the street”.
Andersson, a 60-year-old Swedish former army major and purchasing manager with General Motors, had a contract until the end of 2016. He was th
Word that Bo Inge Andersson will step down came from Renault-Nissan, which has a majority stake in the holding company that controls Avtovaz.
This comes weeks after the firm – best know for its Lada marque – reported a record loss after its bottom line was hammered by a prolonged decline in Russian car sales as the country’s economy tanked.
Renault then wrote down the value of its investment in the firm by 70 percent.
Under Andersson, Avtovaz has cut its workforce by almost 20,000 since 2014, reduced other fixed costs and made headway in cleaning up its once corrupt and inefficient supplier network.
The layoffs were criticised by Russian state-owned conglomerate Rostec, which owns a third of Avtovaz. Rostec CEO Sergei Chemezov said workers were being “kicked out on the street”.
Andersson, a 60-year-old Swedish former army major and purchasing manager with General Motors, had a contract until the end of 2016. He was th