Ford to lower managers' bonuses as company performance slips, sources say

Ford Motor CEO Jim Farley has told employees that the automaker needs to speed efforts to improve quality and lower costs, and that manager bonuses, which are tied to those metrics, would be slashed to 65% of their total, according to three people familiar with the matter. Farley recently introduced a new performance system where company bonuses are directly tied to progress on key goals in an effort to change the 121-year-old automaker's culture to hold employees more accountable. Ford executives said on Monday that the company would meet only the lower end of its annual guidance.