Now Playing
Easy 106.5
Last Song Played
Easy 106.5
On Air
No Program
Now Playing
Easy 106.5
Last Song Played
Easy 106.5

Posted: May 17, 2017

Ford cutting up to 20,000 salaried jobs, streamlining operations, report says

An employee walks past a Ford logo at the engine production line at a Ford factory in Dagenham, England. The majority of Ford’s 200,000 employees work in North America. A new report said the automaker is getting ready to chop 10 percent of its global workforce.
Carl Court/Getty Images
An employee walks past a Ford logo at the engine production line at a Ford factory in Dagenham, England. The majority of Ford’s 200,000 employees work in North America. A new report said the automaker is getting ready to chop 10 percent of its global workforce.

By Shelby Lin Erdman, Cox Media Group National Content Desk

The Ford Motor Co. is planning to cut up to 10 percent of its 200,000-member global workforce to reduce costs and streamline its operations, according to a report in the Wall Street Journal.

>> Read more trending news

The report said the estimated 20,000 layoffs will mostly affect salaried employees, a majority of whom work in North America, as the No. 2 U.S. automaker works to increase its profits and stock prices.

The company has not confirmed the report, but issued a statement acknowledging that it is focusing on “three strategic priorities,” which include protecting its “core business … transforming traditionally underperforming areas of our core business,” and “investing aggressively … in merging opportunities.”

“Reducing costs and becoming as lean and efficient as possible also remain part of that work,” the automaker said.

>> Got a question about the news? See our explainers here

There was no specific mention of layoffs in the statement, but the company has seen its stock prices tumble and its market share slip since bringing on CEO Mark Fields in 2014, which is causing concern among investors.

 


There are no comments yet. Be the first to post your thoughts. or Register.