If you are still here after seeing your friends and colleagues pink-slipped (or encouraged to take buyouts or early retirement), then we want to know how you're feeling. That was the basic message sent to Ford's white-collar workers today by Ford's President of the Americas Mark Fields. Top Ford managers received an email from Fields along with Ford's quarterly Employee Engagement Surveys. According to The Detroit Free Press (Freep), the e-mail also discussed Ford's new Way Forward portal online
In a filing with the Securities and Exchange Commission that surfaced yesterday, Ford estimated that it the accelerated restructuring plan announced last September will cost $11.2 billion when the books are finally balanced. In other words, it will cost Ford$11.2 billion to let go of 38,000 hourly and 10,000 salaried workers. The estimate includes ongoing costs for health care for any workers that didn't take the lump-sum buyout. Who knew it was that expensive to reduce your workforce?
We here in Ohio love our Ford plants. We've got 'em all over the place – in Cleveland, in Toledo, in Cincinnati... wait. Scratch those last two, as the Way Forward plan counts among its victims a stamping plant in Maumee near Toledo and a transmission plant in Batavia near Cinci. Ohio Governor Bob Taft and his Lt. Gov., however, have just offered Ford Motor Company a package worth $15.7 million in incentives to keep the Maumee plant open, however. Ford has graciously said it will review th
By now, everyone knows that Ford Motor is in trouble in North America, largely because of a product line that missed a rapid shift in consumer preferences, but there's a limit to how quickly the company will be able to restructure to meet the challenge, according to Ford's president for American operations, Mark Fields.
It's not usually a good sign when your boss starts talking to you about what you want to do with the rest of your life. If they start leaving the help wanted classifieds on your desk, things are really getting bad. If they actually bring in a number of other employers to recruit amongst their workers, it must be Ford's Way Forward Plan in overdrive. That's exactly what Ford did yesterday in Norfolk, by hosting its first Opportunity Workshops and Opportunity Fairs. The goal of the workshops is to
Daniel Howes of The Detroit News has written a piece on the project that was supposed to pave the way for Ford's Way Forward turnaround plan. It wasn't as big as Alan Mulally coming in or the restructuring plans now in effect, but it did involve Clinton White House consultants using polling and campaign techniques to turn around Ford's image before the company itself tried to do an about face. It was known as "180 degrees in 180 days." Even though most political campaigns are very short-term and
If you're like us, no doubt you're most interested in how Ford's accelerated Way Forward plan is going to affect the company's product portfolio. Having just watched the webcast delivered by Mark Fields (a trasnscript of his speech can be found after the jump), here's what we can tell you.
As Ford readies the presentation of the Accelerated Way Forward plan for North America tomorrow, in Europe, it'll be business as usual. Ford's profitable European division offers a peek at what life could be like for the North American division after the Way Forward -- assuming all goes well.
Ford announced this afternoon that it will be presenting an Accelerated Way Forward plan, also known as Way Forward 2.0 in the web savvy crowd, at 7 AM tomorrow. Assuming we get to bed on time and experience no alarm malfunctions, we'll be on hand to bring you the details as they come in. No doubt the acceleration will involve more job cuts, a much needed plan to streamline the company's distribution chain, and perhaps even a product announcement or two.
Now that Ford's got a new captain at the helm, it's full steam ahead for the "Way Forward." According to Reuters, Ford's board of directors will be instituting the second stage of its plan and is expected to release an overview of the strategy later today. Some of the proposals to be announced include a 30 percent reduction in white collar workers and a new pricing strategy, with more details to follow over the course of the month.
Reuters is reporting that Ford will be shrinking its dealer base over the next three years in order to better align its distribution network with a market share that is smaller than it has been in the past. Dealers were told of the planned reduction at the dealer meeting in Las Vegas last month. The East Coast and California have the highest saturation of Ford dealerships and are likely to see the largest reduction in numbers. At the moment there are about 4,300 Ford dealerships operating in the
As the week begins, many industry analysts and insiders are confident that Ford will be making dramatic steps towards increasing their efficiency and productivity. The announcement last week that Bill Ford would be stepping down as CEO and passing the torch to Alan Mulally, was the first of many actions that the automaker hopes will transform the company over the all-important, coming years.
A Reuters article released today suggests that Ford's new CEO Alan Mulally could attract a whole group of defecting executives from Boeing Co., Mulally's previous employer. Apparently Mulally is a pretty good guy to work for, being described by Reuters as a charismatic leader with a loyal following accrued over his 37-year tenure at Boeing.
In an effort to assuage the fear of his employees over the current direction of Ford Motor Company, Bill Ford sent out a company-wide memo on Friday that details a three-point strategy for ushering the Blue Oval out of hard times. The Detroit News describes the strategy in a nutshell as 1) fixing Ford's North American business, 2) leveraging the company's global assets, and 3) bolstering its leadership team from within and outside the company. Easier said than done, right?
As part of its accelerated "Way Forward" turnaround strategy, Ford Motor announced today that it will cut North American production by 21 percent (168,000 vehicles) in the fourth quarter of this year. Third quarter production will by cut by 20,000 units.
As recent financial results have shown, reviving Ford Motor's North American operations is about more than just downsizing production capacity and increasing efficiency. Disappointing sales results are focusing the spotlight increasingly on Ford's promises of new, innovative products.