Ford CEO Jim Hackett is hoping  to make Ford more attractive to investors by removing cost to lift profits

Ford CEO Jim Hackett is hoping to make Ford more attractive to investors by removing cost to lift profits

Ford is reportedly planning to reduce numbers of salaried workers as part of a reorganisation aimed at boosting its bottom line and raising its depressed share price.

The Wall Street Journal reported that the company said in a statement it is in the 'early stages of reorganising our global salaried workforce', although no numbers were disclosed.

"The reorganisation will result in headcount reduction over time and this will vary based on team and location," a spokesperson said in a statement cited by CNN.

CNN's report said that specifics would be announced by Ford at the 'appropriate time'.

The Detroit Free Press and Detroit News reported that workers were informed on Thursday. The company employs about 200,000 people around the world, including some 70,000 salaried workers, according to the Detroit Free Press.

Earlier this year, Ford said it was planning up to USD11.5bn in further cost cuts as well as a rationalisation of its product portfolio.

In the summer, speculation intensified that there could be further cost reduction measures in the loss-making Europe region. It also said that metal tariffs imposed by the Trump administration were adding to cost.

Unfavourable currency movements and higher costs resulted in a Q2 loss for Europe and Ford said then it expected an EBIT loss for the region in 2018.

Ford's share price has dropped by around 30% since the beginning of the year.

See also: 

Ford planning extra $11.5bn cost cuts

Ford eyes Europe model range cull

Ford says metals tariffs cost it $1bn

Ford promises 'necessary action' over Brexit

Ford chairman defends strategy at annual investors meeting

Supplier fire and China woes dent Ford Q2 results

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