Ford Motor Co F.N said on Wednesday it plans to cut 1,400 salaried jobs in North America and Asia through voluntary early retirement and other financial incentives as the No. 2 USA automaker looks to boost its sagging stock price.
Ford plans to offer financial incentives to convince salaried employees to depart voluntarily, including generous early retirement offers, a person briefed on the plan said.
"We expect 1,400 salaried positions to be affected and for people to depart by the end of September", Ford said in a statement.
Fields, whose almost three years at the helm have been marked by a languishing share price, is expected to announce as early as this week Ford plans to cut about 10 percent of its salaried workforce in North America and Asia.
The company plans to cut about 10 percent of its salaried work force in North America and Asia, Reuters reported Monday.
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Ford said it will give employees details on the buyout packages in June. Ford's stock price has fallen almost 40 percent over the last three years.
Certain areas of the business won't be targeted, including its product development and credit divisions.
The move comes as Ford struggles to boost sales and earnings after a sharp slump in recent months.
In a statement, the Dearborn, Mich., automaker said it is focused on reducing costs and improving efficiency. Ford said last August that it planned to hire more than 100 engineers, researchers and others in Palo Alto.
Last week, during the company's annual meeting, a number of shareholders pressed Ford's management about the company's stock price, which has dropped 17% since January to $10.94 per share.
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Ford has been hiring steadily since the recession as USA vehicle sales reached record highs.
Shares in Ford were up 1% to US$10.95 in pre-market trading.
But investors are clearly anxious that sales in the U.S., Ford's biggest market, are peaking.
"Look, we're as frustrated as you are by the stock price", Ford Executive Chairman Bill Ford said.
The president has repeatedly roasted companies for planning to move jobs overseas, or make substantive cuts to their USA workforce.
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The latest announcement from Ford could prove another setback for Trump's push to create more jobs in American manufacturing.