Wednesday, March 6, 2002
In early 2002, Ford Motor Company made a dramatic announcement. Because of serious financial setbacks, they were launching a restructuring plan that would cut out 35,000 jobs - about one-tenth of their entire work force! They announced the closing of several of their major plants and the discontinuing of four of their automobiles - including that symbol of luxury, the Lincoln Continental. The new Chairman of Ford made the announcement - William, the great-grandson of the legendary Henry Ford. In his words, these steps were "painful but necessary." Then, with bold candor, he summarized how this had happened. He said, "We strayed from what got us to the top of the mountain, and it cost us greatly."