Ford announces global redesign and restructuring, postpones investor meeting
Ford said it is redesigning its global business model to enhance competitiveness and improve returns; the company sees potential restructuring-related EBIT charges of $11B, with cash-related effects of $7B over the next three to five years. Fors said, "The team is making the hard decisions to raise the returns of underperforming assets where we can via fitness and alternative business models, and we will disposition the rest. This type of profound redesign will take time, and we will communicate as decisions are made, such as exiting traditional sedan silhouettes in North America." It added, "As a result of these ongoing efforts, the company is postponing its investor meeting, previously scheduled for September, and will reschedule when more specifics can be shared on global redesign and restructuring."