Ford will announce restructuring plan

Ford Motor Co. is expected to announce a restructuring plan on Friday that could result in the elimination of up to 20,000 jobs, according to news sources. "We know we have some excess capacity," James Padilla, group vp of North American operations, told The Detroit News. "We decided that now is our time to address that, take the action and move forward." The Financial Times reported today that at least 8,000 white-collar jobs are in danger of being cut and up to 12,000 hourly workers will be encouraged to take early retirement or voluntary severance packages. Former president and CEO Jacques Nasser said today in August 2001 that the company said would eliminate 4,600 salaried jobs in North America, or as much as 10% of its U.S. white-collar employees, by year's end 2001. Nasser was ousted by the company in October, and replaced by chairman William Clay Ford Jr. The cuts expected to be announced Friday are on top of the previously announced cuts.