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Posts Tagged ‘Ford CEO Jim Hackett’

Ford Officials Confirm Looming Salaried Employee Cuts

Numbers of white-collar jobs to be slashed not revealed.

by Michael Strong on Mar.13, 2019

Ford plans to cut thousands of salaried jobs as part of an $11 billion restructuring taking place between now and next year.

With General Motors caught square in the crosshairs by critics chastising the recent salaried job cuts and plant closures, Ford Motor Co. officials may be the next target, confirming today they plan to cut an unspecified number of salaried employees.

The job cuts were announced last year as part of an $11 billion global reorganization. However, no specifics were applied to how many or where they would occur. Ford officials even now won’t confirm how many.

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Said Deep, a Ford spokesman, declined to tell Reuters say how many jobs are being cut but said the company expects the process to be completed by the end of June. He said the restructuring “has resulted in some separations of salaried employees and the reassignment of others.”  (more…)

Ford CEO Hackett Wants to Double Profits After Poor 2018

New target is an 8% operating profit margin.

by Michael Strong on Jan.25, 2019

Ford CEO Jim Hackett has set a new benchmark for the company's profits: an 8% operating profit margin.

Ford CEO Jim Hackett told the company’s employees that it was time to move on from 2018, but that those “mediocre” results will not be acceptable for 2019 and its longer-term goal — doubling last year’s annual profits.

It is “time to bury the year (2018) in a deep grave, grieve over what might have been and become super focused on meeting, and, in fact, exceeding this year’s plan,” Hackett wrote.

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Hackett relayed his expectations to employees: an operating profit margin of 8%, which equates to an operating profit of nearly $14 billion. In 2018, the company’s operating profit was $7 billion, resulting in a margin of 4.4%. (more…)

Ford, Volkswagen Talks Could Wrap Up Soon

Two companies finding plenty of common ground.

by Joseph Szczesny on Dec.05, 2018

Ford CEO Jim Hackett, left, and Chairman Bill Ford both confirmed the talks with Volkswagen are progressing quickly.

Ford Motor Co. top executives said they think they can wrap up discussions on a broad alliance with Germany’s Volkswagen AG fairly soon since both sides have demonstrated a serious interest in the discussions.

Ford CEO Jim Hackett told reporters during a gathering at Ford plant outside Detroit that the company’s discussions with Volkswagen were moving forward at a steady clip and could conclude soon.

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“We have nothing to announce yet,” Hackett said. “But I just want to confirm we’re serious. I think the industry feels at the margins are under pressure. So these accommodations are more normal than not. There is real momentum there,” he said of the talks with VW. (more…)

Negotiating Deal VW is a “Delicate Dance,” Says Ford CEO Hackett

First project could be announced before year-end.

by Paul A. Eisenstein on Nov.15, 2018

Ford CEO Jim Hackett described the talks with Volkswagen as a "delicate dance."

A deal between Ford and Volkswagen focusing on joint efforts in the light commercial vehicle market could come together quickly, but in his first official acknowledgement that the two carmakers are exploring a wide range of additional options, Ford CEO Jim Hackett said those negotiations involve a “delicate dance.”

Like a growing number of competitors, Ford has opened up to the possibility of teaming up with erstwhile rivals on a variety of projects. And, in recent weeks, sources have indicated it is discussing deals that also could see them team up on everything from autonomous and electrified vehicles to joint production and marketing efforts in markets such as Europe and Latin America.

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“(VW CEO) Herbert (Diess) and I had a great discussion” about a possible alliance on commercial trucks, Hackett said in an interview with the Reuters news service, noting that things are “going better than we thought it would.” (more…)

CEO Hackett Calls Ford’s Restructuring “More of a Redesign”

Automaker plan to trim $11 billion from operating costs.

by Joseph Szczesny on Oct.25, 2018

Jim Hackett, president and chief executive officer, Ford Motor Co., suggested the automaker wasn't going through a restructuring, but instead a redesign.

Ford Motor Co. executives during a conference with analysts promised more details of the company’s restructuring plan, but Ford CEO Jim Hackett also said it will not have the same kind of thrust as traditional restructuring with firing and plant closings.

“It’s not a restructuring plan, it’s a redesign plan,” Hackett told analysts. “First, we have to identify the areas that need to be fixed then we have figure out how to fix them and then execute,” he added. Ford officials said last year that they expected to trim $11 billion from the company’s operating cost, though they offered few specifics, irritating analysts, who wanted more details.

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“I think some elements wouldn’t take the full five years,” he said. Some are going to take longer,” he said.   (more…)

Hackett Says Ford Making Headway on Turnaround

Rollout of new Ranger leads new product onslaught.

by Joseph Szczesny on Oct.23, 2018

Ford CEO Jim Hackett is talking to employees and dealers about the changes coming to the automaker.

Ford isn’t standing still in the face of changing business and economic climate, the company’s top executive said this week.

Ford Motor Co. CEO Jim Hackett was also talking up the company’s prospects as he met with dealers and employees this week.

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At a meeting with some 4,000 dealers in Las Vegas Hackett had stressed that Ford is working on a turnaround plan that will re-invigorating the company’s operations.   (more…)

Ford Redesigning Company Structure, Salaried Job Cuts Coming in ’19

Number of white collar jobs to be shed unknown right now.

by Michael Strong on Oct.05, 2018

Ford CEO Jim Hackett has talked about a turnaround at the automaker and now it looks like it's happening.

Ford Motor Co. CEO Jim Hackett has talked about making the automaker a more “fit” company going forward, and now it’s clear what that means: salaried job cuts.

The automaker is “redesigning” its white collar workforce to be leaner, have few layers and offer the remaining employees more power to make decisions, and implement those decisions more quickly.

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Currently, Ford employs 70,000 salaried workers, among its more than 285,000 overall employees worldwide. Of that total, about 85,000 work in the U.S. The number of jobs that will be cut is unknown at this point as the plan is still be formulated. (more…)

Ford Promises to be More Transparent About Turnaround

But analysts still wonder what it’s planning.

by Paul A. Eisenstein on Sep.13, 2018

Ford CEO Jim Hackett hasn't been entirely transparent about his plans to revamp the company.

When Jim Hackett was named CEO of Ford Motor Co., following a senior management shake-up last year, he promised to spend the next 100 days studying the company’s strengths and weaknesses to devise a clear turnaround strategy.

A year later, however, analysts and investors are still wondering what’s in store. The company has announced a few key elements of its plan, starting with the announcement that it will all but abandon the passenger side of the U.S. new car market to focus on the more profitable SUVs, CUVs and pickups that have come to dominate the sales charts.

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Confusion about where Ford is heading with a turnaround plan it now values at $25.5 billion has translated into a sharp slump in its stock price, shares falling by more than a quarter this year, barely nudging the $10 mark all summer. Meanwhile, Ford’s debt rating has tumbled to just a bare step above junk status. (more…)

Ford CEO Hackett Pushes Maker’s Vision of Future at CES

Maker using technology to improve human interaction.

by Michael Strong on Jan.10, 2018

Ford CEO Jim Hackett describes the Transportation Mobility Cloud during his keynote address at CES 2018.

Ford has been attempting to fashion a spot atop the “mobility” mountain through acquisitions and innovation; however, the entire plan hasn’t been revealed — until now.

Ford CEO Paul Hackett attempted to lay out the vision of the company’s Transportation Mobility Cloud during the keynote of CES 2018 in Las Vegas with mixed results.

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If one looks at the investor community, message not received as the automaker’s stock dropped slightly overnight. However, there are some industry observers who seemed to understand what he was talking about, although they are less excited about it than Hackett is. (more…)

Ford CEO Hackett Says “No Dumb Cars” in the Future

Top exec believes automaker must evolve with technology.

by Michael Strong on Nov.09, 2017

Ford CEO Jim Hackett, right, told attendees at the Michigan CEO Summit that evolving with technology is key to the automaker's long-term growth.

Ford CEO Jim Hackett today continued to push his belief that automakers must evolve or be left by the roadside when it comes to mobility and technology.

“Ford’s future is not about giving up the car,” Jim Hackett, the automaker’s chief executive officer, said at the Business Leaders for Michigan’s 2017 Michigan CEO Summit in Detroit. “I’m here to tell you that. I’ve told the company that, but there’s no dumb cars in the future.”

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Hackett assured attendees that Ford will be a part of that future, but it will require some forward thinking not only of the part of employees, but also by investors as well. He used a simple chart showing the evolution of how mail and packages were sent across the country to make his point.  (more…)