Word: forde
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...resignation letter, Rubin notes that Ford directors are preparing for an upcoming review of strategic options. "Although no conflict currently exists and while I would have liked to remain involved, I have with great regret concluded that I should resign from the Board at this time," he says...
...With its key product line in deep trouble, Ford had to take some dramaticaction to salvage the turnaround plan it laid out back in January, which included plans for eliminating as many as 30,000 jobs and 14 plants, Pipas says. Ford now plans to cut its total production in the fourth quarter by more than 21%. Almost half the cuts will be concentrated at four plants where the company builds pickup trucks, says Pipas."We know th is decision will have a dramatic impact on our employees, as well as our suppliers,"William Clay Ford, the company's chairman...
...sweeping cuts in production also have sparked speculation that Ford, like GM, will offer buyouts and or early retirements to virtually all of its blue-collar workers, providing the United Auto Workers agrees, in a bid to dramatically reduce costs. Paul Krell, a spokesman for the UAW, declined to comment but privately a number of union officials acknowledge that a GM-style deal is in the works...
...Until now analysts such as John Murphy at Merrill, Lynch have complained that the Way Forward plan didn't seem to have the urgency required to meet the challenges facing the company, while J.D. Power's Schuster says the company's product portfolio is too thin. Ford had announced July it lost $254 million in the second quarter, and the production cuts are certain to drive the company deeper into the red. Some reports have even suggested that the company could lose anywhere from $5 billion and $7 billion...
...However, Mark Fields, executive vice president and Ford's president of The Americas, insists the production cuts demonstrate the company's seriousness in its efforts turn around North America."We are basing our business plans on the customer, and we are determined to match production and inventories with consumer demand,"says Fields."In doing so, we'll reduce incentive spending and inventory carrying costs for our dealers - with the intent to improve residual values for our customers and stabilize operating patterns for our plants and our suppliers,"he says. Fields also says the new products such as the Ford Edge...