Tuesday, May 23, 2017

Ford plans job cuts to boost profits

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Company shares have lost more than a third of their value since 2014

The Associated Press
Posted: May 16, 2017 7:02 AM ET
Last Updated: May 16, 2017 7:02 AM ET

The Wall Street Journal reports that Ford Motor Co. is planning substantial job cuts in order to boost profits and raise its stock price.

The newspaper says the cuts would target salaried employees and would reduce Ford’s global headcount by an equivalent of 10 per cent.

Ford didn’t confirm the report Monday night.

In a statement, the company said it’s focused on reducing costs and improving efficiency. But Ford said it hasn’t announced any job cuts and won’t comment on speculation.

Investors are concerned that U.S. sales are peaking and Ford’s market share is slipping.

Ford’s shares have lost more than a third of their value since Mark Fields became CEO in 2014. Electric car maker Tesla Inc. recently surpassed Ford in market value even though it sells far fewer vehicles.

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