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FORD MOTOR COMPANY

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Ford Motor : to Slash Jobs Across Europe as CEO Pay Raise Disclosed

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03/15/2019 | 05:22pm EDT

By Donato Paolo Mancini and Mike Colias

Ford Motor Co. plans to cut more than 5,000 jobs in Germany and another undetermined number of employees in the U.K., a company spokeswoman said Friday, as part of a broader effort to redefine its struggling European business laid out earlier this year.

"The goal is to significantly decrease structural costs, reduce bureaucracy, empower leaders and managers and eliminate less value-added work," a Ford spokeswoman said.

The move is part of broader cost-cutting effort initiated by Chief Executive Jim Hackett to restore profitability to its money-losing operations and boost the company's sagging stock price. Ford, like other auto makers, is also investing billions in electric and autonomous cars, bracing for a transformation in the car business that could result in fewer people buying traditional gas-powered vehicles.

In January, Ford said it would slash thousands of jobs in Europe, close plants in the region and cancel low-profit models, but declined to offer details on the reductions.

On Friday, Ford also disclosed that Mr. Hackett, now nearly two years in the top job, earned $17.8 million in 2018, a year in which the company's operating profit shrank from heavy overseas losses and its share price tumbled 39%.

The pay package included $1.8 million in base salary, up 34% from the previous year, and $15.3 million in stock awards and incentives for 2018, his first full year as head of the nation's No. 2 auto maker by sales, according to a Ford regulatory filing submitted Friday. He received total compensation of $16.7 million in 2017, when he was elevated to the top spot in May of that year from his role leading Ford's mobility business.

Mr. Hackett missed out on about $1 million in performance incentives last year because the company fell short on its targets for revenue, operating profit margin and cash flow, according to Ford's filing.

Chairman Bill Ford Jr. earned $13.8 million last year, down about 12% from the year earlier.

Mr. Hackett is under pressure to convince investors that his moves to revitalize Ford will begin to pay off this year. In a letter to employees in January, he described the company's performance in 2018 as mediocre, encouraging them to "bury the year in a deep grave" and focus on 2019.

Ford's operating profit fell 27% last year, to $7 billion, weighed down by a $1.5 billion loss in China following a profitable year there in 2017.

A planned $11 billion, multiyear restructuring is set to begin in earnest in coming months as Ford moves to cut vehicle models and lay off thousands of workers in Europe and South America. The company also is shrinking its North American salaried workforce through layoffs that are expected to last through the second quarter.

While big auto makers across the globe are facing profit pressure from slowing sales across key markets, Ford has struggled more than most. Mr. Hackett has said the company allowed its cost structure to become bloated during the past decade as sales climbed steadily higher in the U.S. and other large markets, and allowed much of its vehicle lineup to become stale.

Ford is optimistic it can improve its operating bottom line this year as some of its cost-cutting and restructuring efforts begin to have an effect, executives have said. Its shares have rallied about 10% this year.

The company has offered voluntary separation programs for employees in Germany and the U.K., the Ford spokeswoman said. The number of cuts in the U.K. has yet to be determined, she said.

A spokesman added that further measures, including potential job cuts, will be required across its European operation, but that they are still under development.

Write to Donato Paolo Mancini at donatopaolo.mancini@dowjones.com and Mike Colias at Mike.Colias@wsj.com

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Financials ($)
Sales 2019 146 B
EBIT 2019 8 107 M
Net income 2019 3 842 M
Finance 2019 8 936 M
Yield 2019 6,10%
P/E ratio 2019 10,18
P/E ratio 2020 7,53
EV / Sales 2019 0,21x
EV / Sales 2020 0,20x
Capitalization 39 297 M
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Mean consensus HOLD
Number of Analysts 21
Average target price 10,5 $
Spread / Average Target 6,8%
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Managers
NameTitle
James P. Hackett President, Chief Executive Officer & Director
William Clay Ford Executive Chairman
Joseph R. Hinrichs Executive VP & President-Global Operation
Robert L. Shanks Chief Financial Officer & Executive Vice President
Jeff Lemmer Vice President & COO-Information Technology
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