Ford Motor Company announced late yesterday the retirements of three long-serving global executives – Kenneth R. Kent, 64, vice president and treasurer; Joe Bakaj, 56, vice president, Product Development, Ford of Europe; and Bill Russo, 56, vice president, Manufacturing, Ford of Asia Pacific – effective at the end of the year.
A couple of the exits are noteworthy for signaling that major disruptive actions are about to occur. For example – was Kent responsible for floating the addled-brained idea that Ford Motor would cut its dividend that Ford Family members depend on? Nevertheless, the pressure remains for Ford to cut costs and start once again, yet again on a restructuring plan to increase shareholder value and boost a ~$9 per share price of common. Continue reading