) announced plans on Thursday to shore up its finances amid the coronavirus pandemic, aiming to generate more cash by resuming production next month of its most profitable vehicles while saving money through further cost cuts.
To conserve cash, Ford announced belt-tightening moves, including temporarily cutting top executives’ salaries. This came a day after Standard & Poor’s downgraded the Dearborn, Michigan-based company’s debt to “junk” status and warned more downgrades could be necessary. The outbreak has put pressure on companies, including Ford, which previously drew down credit lines to build its cash position and suspended its dividend.
Ford also took additional moves to conserve cash, announcing its top 300 executives would defer 20% to 50% of salaries for at least five months starting May 1, with the executive chairman deferring his entire salary. Hackett will defer half his salary.
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