Word: forde
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William Clay (Bill) Ford Jr. agonized over whether to fire Jacques Nasser. But when he decided two weeks ago that the CEO of the family-controlled Ford Motor Co. had to go, he moved fast. Ford called Carl Reichardt, a longtime director and former head of Wells Fargo Bank, and asked him if he would be vice chairman. To his surprise, the 70-year-old Reichardt, whose financial acumen Ford sorely needs, called back two days later and agreed. So last Monday, Ford ushered Nasser into his wood-paneled corner office and took away the keys. "We were just getting...
Thus Bill Ford becomes the first family member to be CEO since his uncle Henry Ford II relinquished the post in 1979. Although not paralyzed, Ford Motor is in great need of an overhaul, and the question reverberating from Dearborn to Wall Street is whether that can be accomplished by the man whose family owns 40% of the voting shares. The knock is that Bill Ford has neither the experience nor the mettle to make the tough decisions--on everything from plant closings to new-car programs--required to pull Ford Motor out of the ditch. Ford's much broader...
Whichever the case, this Ford faces a real challenge at the wheel. "Our problems didn't just sneak up on us," he admitted last week. "We've been in trouble since last year when the Firestone crisis broke." All of which means that although Ford has been exonerated by federal regulators in the death of 271 people in Explorers whose Firestone tires failed, the company is beset by a garageful of problems. Its dividend has been halved. Its vehicles have been dogged by quality issues, such as the cooling-fan glitch that has once again postponed delivery of the long...
...remarkable that a company that just two years ago was being celebrated as a symbol of American competitiveness has sunk so low, so fast. Part of the blame lies with Ford's board of directors. It began to question Nasser's management style only in March. The following month, projected results for the year fell so sharply that Nasser was told privately to get his management house in order and reduce the number of top executives (21) who reported directly to him. By July, when he still had not made any substantial changes, some of the 14 directors wanted...
...papers, had enforced a rarely used law to block Black's peerage. CHARGED. YASSER AL-SIRI, 38, with conspiring to kill Afghan Northern Alliance leader Ahmed Shah Massoud; in London. Al-Siri, an Egyptian, is accused of providing journalist credentials to suicide bombers who assassinated Massoud. NAMED. WILLIAM CLAY FORD JR., 44, as CEO of Ford Motor Co.; in Dearborn, Michigan. Ford, chairman since 1999, is the first Ford family member to run the company in 22 years. He replaces Jacques Nasser. RESIGNED. JAMES GOODWIN, 57, as CEO of United Airlines; in Chicago. Goodwin's tenure was marred...