Hyperdrive
Ford Slashes 7,000 Jobs as Sweeping Disruption Hits Automakers
- CEO Hackett says cuts to be completed by the end of August
- Eliminated positions will save the company $600 million a year
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Ford Motor Co. plans to eliminate about 7,000 salaried jobs -- about 10% of its global white-collar workforce -- as pressures mount on automakers to keep pace with massive technological shifts amid signs global car demand has peaked.
Eliminating the positions will save Ford about $600 million a year, Chief Executive Officer Jim Hackett wrote in a memo to employees Monday, seven months after the company informed employees of a salaried workforce “redesign.” The majority of the cuts will be completed by May 24 in North America, and by the end of August in markets including Europe, China and South America.