Plus   Neg

Ford Plans To Cut 1,400 U.S. Salaried Jobs

Ford Motor plans to cut about 1,400 U.S. salaried jobs by year end as part of an $11 billion global restructuring plan that was started two years ago, according to reports citing the company's memo sent to employees.

The layoffs will be achieved through voluntary buyouts. The buyouts will be offered to employees who are eligible for retirement, the reports said.

The job cut announcement comes as current chief executive officer Jim Hackett is planning to retire. Incoming chief executive office Jim Farley will take over on October 1.

The new job cuts will be in addition to 2,300 previously announced salaried job reductions in the U.S. during Hackett's tenure.

Last year, Ford reduced its manufacturing footprint and eliminated thousands of jobs in Europe.

Ford laid off 7,000 salaried employees worldwide last year in the first round of the job cuts, and expected to save $600 million per year. The carmaker had a worldwide workforce of 190,000 people at the end of 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT