Ford CEO: No layoffs!

The new coronavirus pneumonia pandemic continues to spread globally, and the automotive industry is also severely affected. A few days ago, IIA was informed that in an internal letter sent to Ford Motor's CEO, Jim Hackett outlined a cost-cutting plan, including suspending the recruitment of new employees and reducing management compensation, but currently does not involve layoffs.

It is reported that starting from May 1, 20% -50% of the top 300 senior management in the company's salary will be delayed for at least 5 months. Ford Motor's executive chairman, Bill Ford, will be delayed in paying all compensation during the aforementioned period.

Jim Hackett said Ford aims to weather the current crisis without abolishing jobs. The decision was made on the one hand because the current situation is already severe to a certain extent, and on the other hand because he hopes that all of Ford's existing team members will stay and contribute to the recovery after the crisis.

On March 20, Ford announced that it will take a series of positive measures to deal with the impact of the epidemic, including raising $ 15.4 billion to offset the temporary working capital impact of the coronavirus pandemic.