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Posts Tagged ‘ford news’

Ford Investing $350M in Michigan Transmission Plant

Company retains 800 jobs with new product.

by on May.22, 2017

Ford is investing $350 million into its transmission plant in Livonia, Michigan, to add a new fuel-efficient transmission to the line-up.

Despite the growing pressures on the company’s bottom line, Ford is investing $350 million in a transmission plan in Livonia, Michigan, to add a new transmission to expand its line-up of fuel-efficient powertrains as part of the company’s plan to fortify its core automotive business, which is facing tighter fuel-economy standards.

Ford and the United Auto Workers said the investment in Livonia will lead to the retention of 800 hourly jobs to support production of the new transmission. Ford expects to begin adding jobs late this year, with the majority coming next year and in 2019.

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“We remain committed to American manufacturing and investing in our people and facilities,” said Joe Hinrichs, newly named executive vice president and president of Global Operations. (more…)

New Ford CEO Hackett Draws Comparisons to Former Chief Mulally

Bill Ford praises new leader, commends newly "retired" Fields.

by on May.22, 2017

Jim Hackett, left, and Bill Ford, right, during Hackett's introduction as President and CEO.

Ford Motor Co. officially named Jim Hackett as its new president and chief executive officer and with his experience outside of the automotive world, the appointment immediately called to mind another recent Ford CEO — Alan Mulally.

Bill Ford, the company’s executive chairman and great grandson of the company’s founder, alluded to Mulally’s appointment as CEO during the press conference. Mulally infused Ford with a sense of optimism that it could and would win and he firmly believes Hackett can now do the same thing, said Ford, who indicated that more changes in the ranks of the company’s senior management will be forthcoming in next few weeks as the shakeup continues.

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Hackett, 62, has a long track record of innovation and business success as CEO of Steelcase, interim Athletic Director at the University of Michigan and executive chairman of Ford Smart Mobility LLC since March 2016. (more…)

Detroit’s Big Three Struggle to Adapt to Rapidly Changing Global Auto Market

Management shake-up at Ford not likely to be the last big announcement from the Motor City this year.

by on May.22, 2017

Ford CEO Fields won't be the last Detroit exec trying to figure out how to address changes coming.

The unexpected ouster of Ford Motor Co. CEO Mark Fields comes as one of the biggest shake-ups Detroit’s Big Three have experienced since they emerged from the Great Recession – and it highlights the challenges they face trying to adapt to a global transformation in what automakers build and how they market those products.

The appointment of Jim Hackett to replace Fields is, however, just the latest in a series of big announcements from Detroit that last week saw Ford announce plans to cut 1,400 salaried workers in North America and Europe, while General Motors said it would stop selling cars in the huge Indian market and sell off operations in South Africa.

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“As the (Detroit) Big Three look out at the landscape, they see dramatic changes coming in the concept of mobility,” says Joe Phillippi, a veteran Wall Street auto analyst and now the lead at AutoTrends Consulting. “They are desperately trying to figure out the future business model and how they will fit in.”

(more…)

Ford Shaking Up Almost Entire Senior Management Team

Changes meant to "unleash innovation" and address "underperforming parts of the business."

by on May.22, 2017

Prior to joining Ford, Jim Hackett was Steelcase CEO and served as Interim U-Michigan Athletic Director.

Scrambling to turn around declining sales and earnings and to address broad shareholder concerns, Ford Motor Co. says it will replace CEO Mark Fields while reassigning a number of other senior managers.

The decision to oust the 56-year-old Fields, architect of a broad push into new mobility services, and replace him with former Steelcase CEO Jim Hackett comes just a week after Ford announced plans to eliminate 1,400 salaried jobs in North America and Asia, part of a broader $3 billion cost cutting program.

Breaking News!

Ford Chairman Bill Ford Jr. downplayed any sense of management turmoil in a statement confirming the news reports that had begun to appear late Sunday night, declaring, “We’re moving from a position of strength to transform Ford for the future.” (more…)

Ford CEO Fields Reportedly Out in Shake-Up

Said to be replaced by former Steelcase chief Hackett.

by on May.22, 2017

Former CEO Mark Fields tried to shift Ford's direction, but investors wanted quicker results.

Ford plans to provide additional information about its plans this morning. Check back with the TheDetroitBureau.com for the update.

Facing increasing pressure as its sales, earnings and stock price all slide, the Ford Motor Co. board of directors has reportedly ousted CEO Mark Fields, according to numerous reports and sources.

The 56-year-old Fields, who attempted to lead Ford in a new direction focusing on high technology will be replaced by former Steelcase CEO Jim Hackett, according to those sources and reports. Hackett, who joined the Ford board last year had also served as interim director of the University of Michigan’s athletics program.

News Now!

The shake-up comes just weeks after Bill Ford Jr., the automaker’s chairman – and great-grandson of founder Henry Ford – told stockholders, “Look, we’re as frustrated as you are by the stock price,” adding that for he and the rest of the Ford family, “most of our net worth is tied up in the company.” (more…)

Snakebit: Shelby Unveils Two Super Snake Models

Weekend tribute to bring out wide-bodied Mustang prototypes, F-150 street truck.

by on May.19, 2017

The Shelby Super Snake Wide-Bodied Mustang Concept is designed for serious road racing.

Racer, raconteur, entrepreneur, Carroll Shelby had a nearly half-century affiliation with the Ford Mustang, and almost precisely five years after his death, the company that bears his name has revealed two new high-performance models in his honor.

Fittingly, that includes both the Super Snake Mustang Concept, as well as the Ford F-150-based Super Snake Street Truck. Both will take their formal public bow at a special tribute to Shelby over the weekend, a timely event considering Shelby passed on to the great race track in the sky on May 10, 2012.

Performance!

“The ‘Shelby Super Snake’ badge carries tremendous prestige because every vehicle that wears it represents the pinnacle of performance,” proclaims Gary Patterson, president of Las Vegas-based Shelby American.

(more…)

Ford to Cut 1,400 Jobs as Part of Major Cost-Cutting Push

by on May.17, 2017

The new job cuts won't directly impact Ford's hourly workers - but they have been facing a series of temporary plant closures in recent months.

Ford Motor Co. has revealed plans to cut about 1,400 salaried jobs in North America and Asia as part of a cost-cutting plan, but the move is significantly smaller than had been suggested by some news reports earlier in the week.

The move comes as Ford struggles to boost sales and earnings after a sharp slump in recent months. The second-largest automaker has also been trying to boost its stock price, which has tumbled about 40% since Mark Fields became CEO nearly three years ago. But the initial response by investors is proving lackluster.

In the News!

“We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities,” Ford said in a statement early Wednesday, updating comments the maker had released earlier in the week.

(more…)

Ford May Cut 10% of Global Workforce

Detroit maker responding to weak profits, stockholder pressure.

by on May.16, 2017

Ford CEO Mark Fields has come under increasing pressure to boost sales and earnings.

Under increasing pressure from stockholders as sales and profits decline, Ford Motor Co. is reportedly looking at cost cuts that could include the elimination of as much as 10% of its global workforce, sources tell TheDetroitBureau.com, confirming news reports that have been emerging overnight.

With a current workforce of around 200,000 employees worldwide, that means Ford could trim as many as 20,000 jobs, a large share of those apparently in the U.S. and Asia, though the final figure could be smaller. Other measures are designed to rein in spending and reverse the sharp, 35% drop in earnings Ford suffered during the first quarter of this year – triggering widespread criticism of the carmaker’s management by analysts and investors.

Breaking News!

In a statement, Ford declined to directly address the reported job cuts, but noted, “We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities.”

(more…)

Ford’s Low Share Price Frustrates Shareholders and Execs

CEO Fields takes heat as stock, earnings, sales tumble.

by on May.12, 2017

CEO Mark Fields has tried to shift Ford's direction - but investors want quicker results.

Amidst signs of turmoil within the company, Ford’s top executives faced some sharp questions from shareholders during the first every “virtual annual” meeting.

“You both say that your main priority is to provide long-term shareholder value,” one shareholder asked. “Losing 40% of the value since Mark (Fields) took over as CEO doesn’t seem to be upholding that pledge.”

Beyond the Headlines!

In response, William Clay Ford Jr., Ford’s executive chairman and the great grandson of the company’s founder, said that the company’s stock price matters both to the Ford family and Ford’s top management. However, he added, Wall Street has historically undervalued automakers, even when they are earning substantial profits.

(more…)

Ford Strategy Coming Under Tight Scrutiny

Board of directors expected to press Mark Fields for answers.

by on May.11, 2017

Ford CEO Mark Fields may be forced to answer some tough questions from the company's board of directors this week.

With its long history of sudden changes in top management, any suggestion inside the Ford Motor Co. that a key executive might be facing tough questions about the direction of their management is certain to create ripples.

The tremors around this week’s meeting of the company’s board of directors prior to the Ford’s annual shareholders meeting were created by reports that CEO Mark Fields was being asked to explain the company’s less than stellar performance in the first quarter of 2017.

Beyond the Headlines!

Ford’s profits dropped at the same time rivals such as General Motors Co., Fiat Chrysler Automobiles NV and Daimler AG were all posting big increases in profitability. The concerns were exacerbated by thousands of headlines indicating that on a market cap basis Tesla was now worth more than Ford. (more…)