Thursday Ford announced several changes to its board of directors. In addition to the replacement of two retirees, a former GOP presidential hopeful was also appointed to the board.
Additions and modifications
Ford's CFO Lewis Booth will be retiring and will be swapped out by Bob Shanks, current Vice President and Controller. Also retiring is Derrick Kuzak, the Group vice president and Global Product Development Chief, who will be exchanged by Vice President of Engineering and global Product Development Raj Nair. This was declared Thursday by Ford's President and CEO Alan Mulally. They will be retiring on April 1.
In order to make sure the transition works well, Mulally pointed out that Shanks and Nair have both been groomed for success:
"With their experience we're not going to miss a beat moving forward."
Presidential bid for Huntsman done; part of Ford now
Although there were no other retirees from the board, Mulally also announced the appointment of previous Utah governor, Ambassador to China and GOP presidential hopeful Jon Huntsman Jr. as an addition to the board. Huntsman was brought in because of his ties to China. The automaker is behind some of its competitors in the Asian country. It is hoped that Huntsman can help turn that around.
As reported by Mulally:
"Jon brings to Ford's board of directors extensive global knowledge and experience -- particularly in Asia with trade issues -- and operational experience gained as governor of Utah, a state that has grown jobs even during the economic crisis. Jon understands the importance of strengthening the country's manufacturing base, which will contribute to our success going forward."
Nair to fill Kuzak's shoes
Ford has changed from being a business that creates brand new models based on the needs in each global region to one that only does superficial modifications depending on regional preferences with one universal platform. That is because of Kuzak who has been with the company for 33 years.
Raj Nair has been with Ford for 24 years and was hand-picked by Kuzak for the position and was approved by Mulally. In the last couple of years, he has been trained to take over, as reported by Autoblog.
Booth succeeded by Shanks
English-born Lewis Booth has been instrumental in reducing the automaker's debt. He formerly headed Ford of Europe. Bob Shanks, his successor, joined the company in 1977 in Accounts Receivable. He has held positions of successively greater leadership since, such as controller of the company's Americas group.
What about Mulally?
Currently, it is anticipated that Executive Vice President Mark Fields will be 67-year-old Mulally's successor. For a long time, Booth was suspected to be the successor. Those rumors are deceased now.
In the next couple of years, every person expects to see Mulally retiring. He made a joke Thursday about retirement though:
"I looked over the press release very clearly and saw that my name was not among those retiring. I have no plans to retire."
Additions and modifications
Ford's CFO Lewis Booth will be retiring and will be swapped out by Bob Shanks, current Vice President and Controller. Also retiring is Derrick Kuzak, the Group vice president and Global Product Development Chief, who will be exchanged by Vice President of Engineering and global Product Development Raj Nair. This was declared Thursday by Ford's President and CEO Alan Mulally. They will be retiring on April 1.
In order to make sure the transition works well, Mulally pointed out that Shanks and Nair have both been groomed for success:
"With their experience we're not going to miss a beat moving forward."
Presidential bid for Huntsman done; part of Ford now
Although there were no other retirees from the board, Mulally also announced the appointment of previous Utah governor, Ambassador to China and GOP presidential hopeful Jon Huntsman Jr. as an addition to the board. Huntsman was brought in because of his ties to China. The automaker is behind some of its competitors in the Asian country. It is hoped that Huntsman can help turn that around.
As reported by Mulally:
"Jon brings to Ford's board of directors extensive global knowledge and experience -- particularly in Asia with trade issues -- and operational experience gained as governor of Utah, a state that has grown jobs even during the economic crisis. Jon understands the importance of strengthening the country's manufacturing base, which will contribute to our success going forward."
Nair to fill Kuzak's shoes
Ford has changed from being a business that creates brand new models based on the needs in each global region to one that only does superficial modifications depending on regional preferences with one universal platform. That is because of Kuzak who has been with the company for 33 years.
Raj Nair has been with Ford for 24 years and was hand-picked by Kuzak for the position and was approved by Mulally. In the last couple of years, he has been trained to take over, as reported by Autoblog.
Booth succeeded by Shanks
English-born Lewis Booth has been instrumental in reducing the automaker's debt. He formerly headed Ford of Europe. Bob Shanks, his successor, joined the company in 1977 in Accounts Receivable. He has held positions of successively greater leadership since, such as controller of the company's Americas group.
What about Mulally?
Currently, it is anticipated that Executive Vice President Mark Fields will be 67-year-old Mulally's successor. For a long time, Booth was suspected to be the successor. Those rumors are deceased now.
In the next couple of years, every person expects to see Mulally retiring. He made a joke Thursday about retirement though:
"I looked over the press release very clearly and saw that my name was not among those retiring. I have no plans to retire."
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