Ford Motor Co. is reducing stock bonuses for half of its middle management in a push to cut costs and enhance performance. CEO Jim Farley aims for a leaner and more competitive automaker that can better compete with rivals like GM and Tesla. The decision, which affects the usual March bonuses, is framed as a strategy to incentivize performance, despite past reliance on bonuses to retain talent. With Ford's stock down 23% over the last year, the restructuring reflects a shift in corporate culture priorities at Ford.
"The most important for me is the best talent and the best culture," Farley told analysts on an earnings call this month, emphasizing the need for improvements.
"We are focused on driving a high-performance culture that recognizes and rewards employees for their business contributions," a Ford spokesperson said, justifying the bonus cuts.
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