Amid growing pressure from regulators, the firm announced plans for a significant transformation of its audit business.
The automaker is laying off about 10% of its global salaried workforce as part of its restructuring effort.
"The company is now what [CEO] Joe Kaeser has always wanted it to be ... an integrated concern in which all entities are strategically interlinked.”
The automaker increased sales of pricey pickups by 20% and cut $400 million in costs in Q1, boosting profit despite a 3.4% revenue drop.
The shares had their worst day in 30 years after the company missed earnings estimates and announced plans to lay off 2,000 workers.
Deborah Rieger-Paganis says she is "committed to instilling financial discipline across the organization as we work to drive a successful turnaround."
“The Big Four’s dominance has fostered a precarious market which shuts out challengers and delivers audits which investors and the public cannot rely on."
The company is slashing about 400 corporate positions, and its CEO, CFO, and COO will exit as part of a leadership revamp.
The layoffs of about 100 senior-level staff will allow the retailer to move faster, reduce costs, and be more responsive to changing customer expectations.
The company said it expects continued growth as it emphasizes its cloud business.
“It was not a year we were happy with and the fourth quarter continued that theme," CFO Bob Shanks said.
The moves are part of GM's effort to position itself for a future of electric and autonomous vehicles.
