Ford Motor Co. said it is cutting 7,000 salaried employees, or about 10% of its white-collar workforce, part of Chief Executive Jim Hackett’s broader plan to reverse declining profits and catch up to competitors in the fast-changing car business. Mr. Hackett said the cuts include some buyouts and layoffs that already have occurred, and the process will be completed by August, according to an email sent to employees Monday. The cuts will save about $600 million annually and are part of a broader, multiyear restructuring that...

Source: Wall Street Journal May 20, 2019 13:25 UTC