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One analyst puts bankruptcy at GM at 30% after Delphi filing, but another disagrees.(Full story.)
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| The largest auto parts maker in the country files for Chapter 11. CNN's Andy Serwer reports. (October 10) |
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NEW YORK (CNN/Money) -
Two Ford Motor Co. execs in the automaker's North America division are leaving the company, a spokesman said Monday.
According to some industry watchers, the departures and impending management shake-up offer more evidence that the company's attempt to turn around its flailing North American operations is in trouble.
Phil Martens, group vice president for product creation for North America, and Matt DeMars, vice president for North American vehicle operations, have communicated that they will leave the company, said spokesman Oscar Suris.
Martens has been with Ford since 1987, and DeMars since 1978.
"[Chairman and Chief Executive Officer] Bill Ford and [head of North American operations] Mark Fields have made an assessment of the management team in the Americas, and we expect they will review certain leadership changes with our board in the very near future," the company said in a statement.
"We would not be surprised if some people elect to leave Ford Motor Company in the meantime. If they choose to do that, that is, of course, their decision," Ford said.
Ford's North American operations lost $1.2 billion in the second quarter alone as rising raw material, labor and health care costs put the screws on the already intensely competitive U.S. vehicle market.
Moreover, deep discounts have not stemmed sales losses, as rising gasoline prices have weighed on sales of some trucks and sport utility vehicles.
In earlier reports, the Wall Street Journal said that Ford may cut up to 30 percent, or roughly 10,000, of its white-collar positions in North America to relieve heavy personnel costs that U.S. carmakers must bear. While many autoworkers are protected by unions, white-collar employees are not.
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Sales are slowing for Detroit's big three automakers. Click here for more.
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