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Following criticisms its shareholders, the American automotive manufacturer said it plans to reduce its staff worldwide by 10%.
Under pressure to cut costs, boost profits and to improve its stock price, Ford said it will announce its redundancies measures in the next few days. One of the company’s investors is said to have described Ford’s recent performance as “pathetic”, while others question the role Mark Fields, who has been the automotive Group’s CEO since July 2014.
In April 2017, Ford said it plans to reduce its cost base by about US$3 billion. It is claimed the job cuts will mainly concern North America and Asia, and several workers are to be offered of ‘generous early retirement incentives’.
“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”, said a Ford spokesman. “Reducing costs and becoming as lean and efficient as possible also remain part of that work. We have not announced any new people efficiency actions, nor do we comment on speculation.”
In April 2017, Ford’s total new car registrations in the EU dropped 11.4%. Read more here.
Sources: Reuters/The Independent