By Mike Colias

Ford Motor Co. is planning to reopen some U.S. factories and is taking further measures to conserve cash as coronavirus disruptions batter the global auto industry.

The company said its top 300 executives would defer 20% to 50% of their salaries for at least five months, starting May 1, Chief Executive Jim Hackett wrote in a letter to employees Thursday. Ford will defer merit-based salary increases, suspend overtime pay for salaried workers and partially freeze new hiring. Executive Chairman Bill Ford Jr. will defer 100% of his salary for the same five-month period.

The company also said it would resume production at some U.S. factories on April 14, including plants in Michigan and Kentucky where the company's highly profitable pickup trucks and sport-utility vehicles are assembled. Ford closed its North American plants last week amid pressure from United Auto Workers officials over concerns about virus exposure.

The moves come a day after Standard & Poor's cut Ford's bond rating into junk territory and Moody's Investors Service downgraded it further below investment-grade status, citing the risk of a huge cash drain from an extended shutdown of Ford's factories.

(END) Dow Jones Newswires

March 26, 2020 13:38 ET (17:38 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
Ford Motor (NYSE:F)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024 Haga Click aquí para más Gráficas Ford Motor.
Ford Motor (NYSE:F)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024 Haga Click aquí para más Gráficas Ford Motor.