Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2 automaker $600 million annually.
The cuts, some of which were previously announced by Ford, will be completed by August, Ford CEO Jim Hackett said in an email to employees Monday. Most of the reductions are overseas with roughly 2,300 of the job cuts coming from the United States. A company spokesman said 1,500 of the 2,300 U.S. job cuts were voluntary buyouts from last year.
Hackett said approximately 20% of upper-level manager jobs will also be eliminated as the company moves to reduce bureaucracy. About 900 of the 7,000 job cuts are expected to happen this week, 500 of which will be in the U.S. The remaining 300 U.S. layoffs will be complete by the end of August.
Read the full story, "Ford to cut 7,000 jobs by August, including 900 this week," at www.cnbc.com.
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