Business Services Industry
Ford Board of Directors Finally Approves Struggling Firm's Restructuring Plan.
Knight Ridder/Tribune Business News, January, 2002
Detroit Free Press Knight Ridder/Tribune Business News
Jan. 11--Ford Motor Co. Chairman and CEO William Clay Ford Jr. will take no salary in 2002 as part of a plan to cut $4 billion a year in costs and return the money-losing automaker to profitability, according to officials at Ford and the UAW.
The anxiously-awaited plan was finalized and approved by Ford's board of directors Thursday, and will be shown to employees and investors shortly after 9 a.m. today.
It calls for closing plants or slowing production to reduce the automaker's worldwide manufacturing capability by 1 million cars and trucks a year -- an effort that will eliminate about 20,000 jobs at Ford, including 12,000-14,000 hourly and 5,000 or more salaried positions....
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