DETROIT (Reuters) -Ford Motor ( F ) executives told shareholders Thursday that there are no plans to offer stock buybacks or spin off its lucrative commercial vehicle operations, in response to questions on both topics at its annual shareholder meeting.

"We have done buybacks during my tenure here, and they typically have not worked," said Executive Chair Bill Ford. "Cyclical companies usually buy back when times are good...when the down cycle hits, you wish you had that cash."

In response to queries about whether Ford might spin off its commercial vehicle business, which it calls Ford Pro, CEO Jim Farley said it is imperative to keep that segment of its business connected to the overall company.

"Pro is so integrated in the company and relies on the benefits of Ford industrially that separating it would have a lot of risks," Farley said.