Bill, Jr. Offers Some Hints on What's Going On at Ford

If you go back and read the automotive news releases and comments from senior Ford executives over the last ten apparent that Ford has been restructuring for the last ten months. And still, William Clay Ford told employees yesterday that senior executives in the company are working "around the clock," to work out a plan. Bill, Jr. admits that the restructuring plan is in a state of flux and he hopes to have a plan hammered out by January. Ford told his employees that "We don't want to make any mistakes," although if Ford is to adopt a perfect plan with no mistakes, it will be a dangerously conservative plan. It appears at this point that senior Ford executives may be having a difficult time agreeing on how the restructuring should take place.

Bill, Jr. did not comment on reports earlier this week that there would be another extensive round of layoffs and possible plant closures.

He did note yesterday in talking to Ford employees that there has been some dialog between Ford and Bridgestone-Firestone regarding a settlement of their dispute over failing and recalled tires.

He also noted that Ford would extend its zero percent financing plan, although he was clear that it was a reluctant decision. Interestingly, Ford extended its plan to January 14, 2002, twelve days beyond the General Motors extension announced earlier this week.