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Ford to cut 1,400 white-collar jobs in North America with voluntary buyouts

Ford headquarters. Photo: Jeff Kowalsky/AFP via Getty Images

Ford said Wednesday that it would cut 1,400 salaried positions in North America through voluntary buyouts, the latest move in a multiyear restructuring effort.

Why it matters: The automaker, which is in the midst of a CEO transition, has been trying to right-size its business and boost profitability by focusing on core products like the F-150 pickup and growth opportunities like electric vehicles, software and fleet management services.

What they're saying: In an email to staffers, Kumar Galhotra, Ford's president for the Americas and international markets group, said the company had "reprioritized certain products and services" and would adjust staffing in its North America and Ford Credit divisions. Those deemed to have "critical skills" would not be eligible.

  • "Our hope is to reach fitness targets with the voluntary incentive program. If that doesn’t happen, involuntary separations may be required," Galhotra said.

Go deeper

Joann Muller, author of Navigate
Sep 2, 2020 - Economy & Business

United Airlines halves planned layoffs to 16,370

Photo: John Nacion/SOPA Images/LightRocket via Getty Images

United Airlines said Wednesday it expects to cut 16,370 jobs on Oct. 1, far fewer than the 36,000 it warned of two months ago, as suspense builds over whether Congress will extend relief for the struggling airline industry.

Between the lines: United was able to limit the layoffs by cutting costs, raising debt and encouraging tens of thousands of employees to participate in a variety of voluntary leave, early retirement and reduced hours programs.

Go deeper (1 min. read)Arrow
Fadel Allassan
56 mins ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Go deeper (2 min. read)Arrow
Axios
2 hours ago - Politics & Policy

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

Go deeper (1 min. read)Arrow