Ford Motor will lay off 800 employees in the United States over the next several weeks as part of a broader plan to shrink its salaried work force by 7,000 people, or 10 percent, by the end of August. The cost-cutting drive arises from an effort by the company’s chief executive, Jim Hackett, to increase profits in the face of slowing sales. Ford reported last month that it earned $1.1 billion in the first quarter, down from the same period a year earlier but better than analysts had expected. Ford started cutting jobs last year and expects to hit the 7,000 target sometime in August, Mr. Hackett told employees in an email on Monday. “Within that total, and consistent with our goal to reduce bureaucracy, we will have reduced management structure by close to 20 percent,” he said.

Source: New York Times May 20, 2019 14:26 UTC