Ford says no "plan B" for turnaround effort
Automotive News / August 05, 2002
Ford Motor Co. Chairman and CEO Bill Ford said on Wednesday there was no "plan B" for the company's turnaround effort, and that its efforts were on track.
The automaker had said last month that cost-cutting efforts outlined in its plan to produce $7 billion a year in pretax profits by mid-decade were running about six months behind schedule. Ford Chief Financial Officer Allan Gilmour warned deeper job and cost cuts were possible.
"There's no plan B as some people have suggested," Ford said. "Its really a fine-tuning of the plan we have in place.
"We're on a trajectory that will get us where we need to go," Ford added. "I feel very good about where we are in our plan and in our recovery."
The company earned $570 million in the second quarter, its first profit in four quarters, as it cut costs and benefitted from stronger North American production. The company said it expected to post a "small loss" in the third quarter, with a "modest profit" expected for the year as a whole.
Bill Ford also said the company was considering whether to count stock options against earnings, and said the topic would be discussed at the Ford board meeting in September. General Motors said on Tuesday it would include the cost of options in its earnings.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....