Ford CEO Mark Fields Attempts to Boost Profits With Job Cuts
Ford (F) - Get Report aims to cut about 10% of its global workforce amid CEO Mark Fields's drive to boost profits and the automaker's sliding stock price, The Wall Street Journal reported, citing people briefed on the plan.
The job cuts could be announced this week, the Journal reported.
The job cuts largely target salaried employees. It's unclear if the plan includes cuts to the hourly workforce at Ford's U.S. factories and plants that are abroad, according to the Journal. Ford has about 200,000 employees worldwide.
Ford's board last week extended its scheduled meetings to press Fields to clarify his strategy as the company's stock price languishes and its U.S. market share recedes, sources told the Journal.
While Ford has been profitable since Fields became CEO in July 2014, shares have fallen by about a third over that period.
Ford shares were rising 0.9% in premarket trading on Tuesday. For the year so far, the stock has fallen 9.8%.
This article was written by a staff member of TheStreet.
