“Look, we’re as frustrated as you are by the stock price,” Ford Executive Chairman Bill Ford said.
Ford Motor Co. is reportedly planning substantial job cuts in order to boost profits and raise its stock price.
And the stock price matters a lot to us.”Shares of Ford rose 2 cents, or 0.2%, to $10.94 on Tuesdayt $10.94.
“And a couple of people have said, ‘Well, does the Ford family care about the stock price?’ The short answer is yes, a lot.
“Ford has been under particular pressure to take action to boost its stock price.
As it stated in Ford plans to emphasize the voluntary nature of the staff reductions.
WASHINGTON/DETROIT Ford Motor Co (F.N) plans to shrink its salaried workforce in North America and Asia by about 10 percent as it works to boost profits and its sliding stock price, a source familiar with the plan told Reuters on Monday.
Ford has about 30,000 salaried workers in the United States.
The Wall Street Journal reported Monday evening that Ford plans to cut 10 percent of its 200,000-person global workforce, but the person briefed on the plan disputed that figure.
JOBS JOBS JOBSDuring his election campaign President Trump was highly critical of the auto industry’s use of Mexican plants to produce vehicles for the U.S. market.
Ford gets ready to cut jobs
As it stated in Ford announced the $3 billion cost cutting goal at the same time it reported sharply lower first quarter earnings.
But the company announced last month that it is looking to reduce costs by $3 billion in order to offset efforts to invest in “emerging opportunities.”
But Ford and other U.S. automakers also have been under pressure from President Donald Trump to create U.S. jobs.
The small cars that were to be built there will now be built at another Mexican plant.
William Walker via CNNNEW YORK (CNNMoney) – Ford Motor is making plans to cut about 10% of its global staff, which could mean about 20,000 jobs worldwide, according to a published report.