Tags: Report: | Ford | Cut | 20 | 000 | Jobs

Report: Ford to Cut 20,000 Jobs

Monday, 07 January 2002 12:00 AM

The Financial Times reports in its Monday editions that a special board meeting has been convened, and the restructuring plan will be announced on Friday.

Under the plan, at least 8,000 white-collar jobs will be cut, while up to 12,000 hourly workers could be encouraged to take early retirement or voluntary severance packages.

The move is the final step in a six-month review of company operations led by Nick Scheele, who was promoted to chief operating officer following the removal of Jac Nasser as Ford's chief executive in October.

Auto industry analysts believe the cutbacks are an effort by Ford to save between $3 billion and $5 billion.

The Detroit-based automaker has already warned that it'll take a loss of around 50 cents a share, or about $900 million, for the fourth quarter.

Copyright 2002 by United Press International. All rights reserved.

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The Financial Times reports in its Monday editions that a special board meeting has been convened, and the restructuring plan will be announced on Friday. Under the plan, at least 8,000 white-collar jobs will be cut, while up to 12,000 hourly workers could be encouraged...
Report:,Ford,Cut,20,000,Jobs
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2002-00-07
Monday, 07 January 2002 12:00 AM
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