Ford Motor Co. plans to cut about 10 percent of staff worldwide as Chief Executive Officer Mark Fields faces pressure to improve profit and boost the automaker’s lagging stock price, the Wall Street Journal reported.
The job cuts are expected to be outlined as early as this week and mostly target salaried employees, the newspaper said, citing unidentified people briefed on the plan. It’s unclear if hourly factory workers are included, the Journal said.
Ford shareholders criticized the company’s management over what one investor called the “pathetic” performance of the automaker’s shares and questioned how the board can continue to support Fields, who’s been CEO since July 2014. Ford’s board scheduled extra meeting time ahead of last week’s annual meeting to press him on his plans for reversing the company’s fortunes, a person familiar with the discussions said.
“We have not announced any new people efficiency actions, nor do we comment on speculation,” Ford said in an emailed statement.
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