#8945154 at 2020-04-28 08:18:24 (UTC+1) Q Research General #11449: The Late Show Starring Pepe w/ Guests: Pepe and Music From: Pepe Edition
Ford's Struggles Continue: 6 Top Executives Paid More Than Its 2019 Net Income
While Ford's (F) vehicle production remains closed because of the coronavirus pandemic, the automaker is looking to preserve its cash, recently taking down $15 billion from its revolving credit facility, it has been revealed that the cumulative compensation of six of the company's top executives exceeds its annual net income.
In 2019, Ford reported a net income of $47 million, down from $3.7 billion in 2018, but paid six executives $70 million combined, in a year where the automaker has been troubled by a botched Ford Explorer launch, recalls, and warranty costs, USA Today reported.
According to the news outlet, CEO Jim Hackett was paid $17.36 million in 2019, while Executive Chairman Bill Ford received $16.76 million, and Tim Stone, chief financial officer for the company, was paid $8.32 million after being hired on April 15. Chief Financial Officer Bob Shanks, who Stone replaced, reportedly made $8.32 million in 2019, while Jim Farley, who was president, New Business and Technology and Strategy, at the time, received $8.36 million while JoeHinrichs, then-president, Automotive, was paid $11 million.
Cash has been Ford's main focus as of recent, along with other automakers like GM that drew from its revolving credit facility and suspended dividends as well as stock buybacks. Ford has also suspended its dividend and is reported to have $30 billion in cash on hand as of April 9..
With the coronavirus continuing to bear down, Ford is in the midst of a struggle as it contends with re-opening plants during the COVID-19 pandemic and determining when its highly-anticipated Ford Bronco should be released as well as the new F-150 pickup truck - both scheduled for launch in 2020.
Ford reported that it expected a $600 million loss before taxes, but disclosed in its Securities and Exchange Commission filing that it had an estimated net loss of $2 billion for January through March because of the coronavirus pandemic due to shutdowns and a decline in vehicle sales, the news outlet said.
Shares of Ford stock were up 5.62% as of 3:51 p.m. EDT on Monday.
State trooper charged with arson, animal cruelty resigns position
#8064127 at 2020-02-07 21:29:11 (UTC+1) Q Research General #10322: Cyborgs, Trolls and Bots Edition
Ford President Quits After Reporting Embarrassing $1.7 Billion Loss
Just days after Ford reported a $1.7 billion operating loss during the fourth quarter, released 2020 guidance that failed to impress, and prompted a nearly double-digit drop in its shares in after-hours trade, the Detroit carmaker has announced a major executive shakeup on Friday.
WSJ reports that Ford President JoeHinrichs is retiring, an ouster likely tied to the company's poor performance, now that its shares are trading at less than $9 while Tesla trades at an almost unbelievable multiple.
Strategy Chief Jim Farley will take his place.
FORD PRESIDENT OF AUTOMOTIVE JoeHinrichs TO RETIRE: DJ
FORD TO NAME STRATEGY CHIEF JIM FARLEY COO: DJ
Last year, Ford angered president Trump by laying off thousands of manufacturing employees as it ended production for all of its sedans in North America as it pivots to focusing on the trucks and SUVs that comprise its most popular models.
Ford shares ticked higher on the news, though the reaction was relatively muted.
#8061237 at 2020-02-07 17:00:10 (UTC+1) Q Research General #10318: It's Time To Wake Up Edition
file under "Resignation"?
Ford is shaking up its management - JoeHinrichs will retire
due to performance and the botched launch of the Explorer SUV.
The Dearborn, Michigan-based company says that automotive President JoeHinrichs will retire effective March 1. Jim Farley, president of new business and strategy, will become chief operating officer in charge of global markets and automotive operations. In addition, product development chief Hau Thai-Tang will take on an expanded role for products, services and customer experiences.
#5067553 at 2019-02-07 18:41:21 (UTC+1) Q Research General #6471: Prayers For POTUS Edition
"Today, we are furthering our commitment to America with this billion dollar manufacturing investment in Chicago and 500 more good-paying jobs," said JoeHinrichs, Ford's president of global operations. "We reinvented the Explorer from the ground up, and this investment will further strengthen Ford's SUV market leadership."