12:56 PM EDT, 10/31/2024 (MT Newswires) -- (Update with Ford's response to a request for comment.)

Ford Motor Company ( F ) Chief Executive Jim Farley has told employees that manager bonuses would be slashed to 65% of their total, Reuters reported Thursday, citing three people familiar with the matter.

"A large percentage of incentive-based compensation for salary employees at Ford is tied directly to the two most important factors affecting the company's success, longevity and customer satisfaction: cost and quality," a Ford spokesperson said to MT Newswires via email. "When we meet or exceed our targets for those factors -- and we achieve the ambitious goals of Ford+ -- the team is rewarded. We are focused on lowering our costs, improving our quality and making Ford a higher growth, higher margin, more capital efficient and more resilient business."

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