Ford plans to cut 7,000 jobs amid global sales slowdown
Ford plans to eliminate around 10% of its global workforce or 7,000 jobs as it tries to keep up with changes in the auto industry amid a slump in global sales.
Ford Motor Co.
$12.14
11:05 19/04/24
Slashing jobs will save the manufacturer about $600m a year, Chief Executive Officer Jim Hackett wrote in a letter to employees Monday.
Hackett also said the company would eliminate bureaucracy to speed up decision making and drive empowerment as part of a redesign that will see the number of management positions cut by 20%.
“To succeed in our competitive industry, and position Ford to win in a fast-changing future, we must reduce bureaucracy, empower managers, speed decision making, focus on the most valuable work, and cut costs,” Hackett wrote. “Ford is a family company and saying goodbye to colleagues is difficult and emotional.”
The majority of the cuts will be completed by 24 May in North America, and by the end of August in regions including Europe, China and South America.