Ford will reportedly offer voluntary retirement packages to cut around 10% of salaried workers in the North American and Asia Pacific regions.

Bloomberg reported that Ford expects around 1,400 salaried employees to leave the company by the end of September. Citing an emailed statement, the report said that some departments and functions are exempted from the cuts, including product development, plant manufacturing, information technology, global data and analytics and the Ford Credit financial-services unit.

Ford is planning a new cost cutting drive that would reduce its global workforce by around 10% as part of a plan to shore up profitability and reassure investors concerned at the company’s recent dip in profit and sagging share price.

Ford’s global headcount is around 201,000. The company’s share price on the NYSE is trading close to a 52-week low of around USD10.94, some 13% down on where it was just two months ago and 22% off its 52 week-high.