Ford Set to Cut 1,400 Salaried Jobs
  [Wednesday, May 17, 2017 6:05:00 AM]
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Ford Motor says it will cut 10 percent of its salaried jobs in North America and Asia as part of a cost-saving move aimed at increasing sagging profits and propping up its stock price.

The news comes less than one week after its chief executive, Mark Fields, faced criticism at the automaker’s annual shareholder meeting for its lagging performance.

The cutbacks, totaling 1,400 positions, are part of an effort aimed at “reducing costs and becoming as lean and efficient as possible,” the company said in a message to employees.

Automakers are facing slowing sales in the United States after seven years of steady growth. Ford’s sales slipped 5.6 percent in the first four months of 2017.

Ford says it expects the job reductions to be complete by the end of September, primarily through early retirement offers and other financial incentives. However, factory jobs will not be affected.

“We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities,” the automaker said.

Ford earned $1.6 billion in net income in the first quarter, a 35 percent drop from the year-ago period. Its stock has declined about 40 percent since Mr. Fields became chief executive three years ago and almost 10 percent since Jan. 1, even as the overall market has risen.

Sources: (
New York Times, CNN
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