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Posts Tagged ‘ford executives’

Ford Stock Drilled for Second Straight Day

Lower profit expectations drive drop in share price.

by on Oct.01, 2014

After Ford CEO Mark Fields revealed the maker would miss its 2014 profit target, the stock fell sharply.

After executives told Ford Motor Co. shareholders Monday the company would miss its profit target for 2014 as the growing expense of recall and losses from the company’s operations in Europe and South America, Ford stock fell dramatically throughout the day and it continued falling for a second straight day yesterday.

Ford stock fell by more than 2% or 32 cents per share to close at $14.79 in trading on the New York Stock Exchange Tuesday after tumbling 7.5% on Monday.

Stay in the Loop!

Chief Financial Officer Bob Shanks told analysts and reports that 2014 pretax profit was now expected to be $6 billion to $7 billion, compared with an earlier projection of $7 billion to $8 billion. It attributed the change to recall-related expenses in North America and larger than expected losses in South America and Russia. (more…)

Mulally’s Departure the Worst-Kept Secret in Detroit

Bill Ford offers praise for CEOs old and new.

by on May.01, 2014

Despite an outside search, few expected Ford to turn to anyone but Mark Fields as its next CEO.

It was, arguably, the worst-kept secret in Detroit, but even when Ford issued an early morning news alert, an advisory to attend a session at its suburban headquarters, it wasn’t ready to confirm what almost everyone already knew: CEO Alan Mulally would be retiring, his replacement to be current Ford COO Mark Fields.

That isn’t to say there weren’t a few unknowns that had Detroit’s automotive news corps racing to “Glass House,” as the Ford office tower is known. For one thing, when would the transition take place – and would it result in a shake-up among the rest of Ford’s management team.

In the Know!

In fact, Mulally acknowledged he would be leaving earlier than he had signaled previously, July 1, rather than waiting for the end of the year. But the 53-year-old Fields was getting the job he seemed destined for after being named chief operating officer in late 2012.

“I know this isn’t exactly a well kept secret,” said Ford Chairman Bill Ford Jr., who said he was  pleased that the company could move forward with  a smooth leadership transition.

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Ford CEO Mulally to Retire July 1, Fields Named New CEO

Maker promises “orderly succession.”

by on May.01, 2014

Retiring Ford CEO Alan Mulally poses with the 2015 remake of the Mustang.

Promising an “orderly succession,” Ford today confirmed recent, widespread rumors that CEO Alan Mulally would be retiring, his successor to be the maker’s current Chief Operating Officer Mark Fields.

A former Boeing sensior executive, Mulally has won widespread praise during his eight-years at “Glass House,” Ford’s headquarters in the Detroit suburb of Dearborn. His One Ford strategy has been credited with helping the once-struggling automaker avoid the bankruptcy filings forced on cross-town rivals General Motors and Ford during the depths of the nation’s Great Recession. Fields, in turn, has been seen as the man that helped put Mulally’s strategy in play.

Breaking News!

From the first day we discussed Ford’s transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities,” Executive Chairman Bill Ford – great-grandson of company founder Henry Ford — said. “Mark has transformed several of our operations around the world into much stronger businesses during his 25 years at Ford. Now, Mark is ready to lead our company into the future as CEO.”

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Mulally to Retire, Fields Named New Ford CEO

New Chief Executive to face numerous challenges.

by on Apr.21, 2014

Mark Fields, who reportedly will become Ford CEO at the end of the year, shown delivering the keynote address at the NY Auto Show last week.

Ford Motor Co. CEO Alan Mulally will step down at the end of the year, according to a variety of news reports and company sources, with the maker’s current Chief Operating Officer Mark Fields to step in as his successor.

The move – which Ford declined to comment upon – is no surprise to those familiar with the automaker’s plans which were largely laid out in late 2012 when the 52-year-old Fields was appointed to the COO position, a senior company insider at the time saying the top spot was “Mark’s to lose.”

The Last Word!

“This is no surprise whatsoever,” said George Peterson, a former Ford analyst and now head of the consulting firm, AutoPacific, Inc. “Ford has been pretty straightforward about doing what they said they would do.”

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