ICBC continues with downsizing and restructuring
November 26, 2012
On November 1, 2012, ICBC's interim president and CEO Mark Blucher announced the start of a downsizing and restructuring of the company.
Starting today and over the next week, ICBC will be continuing with its restructuring efforts by eliminating 203 additional positions; now at the manager and staff level.
As a result of the position and cost reductions, ICBC has:
- Cancelled or scaled back advertising and marketing programs;
- Cancelled lower priority projects, re-scoped existing projects, and reduced related project support;
- Significantly scaled back employee programs and services and made cuts to discretionary spending to reduce operating costs;
- Centralized and combined support functions to eliminate duplication;
- Reduced the number of management positions and management layers, resulting in larger staff groups for each manager.
The first phases of the downsizing effort included announcing a new reduced executive team in early November, including the reduction of six vice presidents and 11 directors.
When complete in 2013, this restructuring will have resulted in the elimination of more than 250 positions. These reductions go beyond the recommendations from the government review of ICBC earlier this year and bring staffing below 2008 levels.
The company will also be working to align compensation policy with government's new guidelines.
In these economic times, ICBC continues to focus on controlling costs and being financially stable, while keeping rates as low as possible and providing excellent customer service.