Ford is planning cuts to its salaried workforce

Key Points
  • Ford plans to cut some of its 70,000 salaried jobs in an effort to improve efficiency. 
  • The stock has fallen 26.9 percent since the beginning of the year, and was just over $9 a share on Friday afternoon.
Ford planning cuts to workforce

Ford said Friday that it is planning cut to its salaried workforce in an effort to make the company more efficient.

The news was reported Friday in both the Detroit News and Detroit Free Press, but confirmed with CNBC.

The company does not yet know how many jobs it plans to cut, the company said. But it expects to have more details by the second quarter of 2019. Ford said it employs 70,000 salaried workers.

CEO Jim Hackett has said the second-largest U.S. automaker needs to improve its financial health.

Shares of Ford ended the day down less than 1 percent at $9.12. The stock has fallen about 27 percent since the beginning of the year.

Ford hired Hackett in early 2017 after seeing its stock languish under previous management, despite delivering several profitable quarters. However, since then some investors have grown frustrated with what they say is a lack of a specific plans to improve the company's outlook. The shares have fallen from a 52-week high of $13.33 set on Jan. 16 to a 52-week low of $9.09 on Thursday.