September 6, 2006
Big News at Ford
From the Detroit Free Press
After five trying years of running the company founded by his great-grandfather, Bill Ford turned for help Tuesday from an executive who he sees as the heavy hitter needed to rescue the 103-year-old automaker from its heavy financial losses, plummeting market share and low morale.Ford Motor Co.'s turnaround now depends on new CEO Alan Mulally, 61, who is credited with reviving the Boeing Co. in the face of strong international competition and the aftermath of the 9/11 terrorist attacks that devastated the airline industry.
This has been all over the newspapers, radio and television up here ever since about 5 yesterday evening. I imagine it is a good thing for the company, which has been struggling to get back in the black lately. I suspect that hiring someone outside the Ford family is related to criticism that Bill would struggle to make the tough decisions that hurt the people that work for Ford (such as plant closings, personnel cuts, benefit cuts, etc).
It does not however, have anything to do with what some people call Bill Ford's "inability to get the job done". This it not the case at all, as should be evidenced by his being named Auto Industry Executive of the Year.
It's a bumpy road ahead, but I think the light at the end of the tunnel just got a bit brighter.
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