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Tag Archives: ford motor
Ford Motor Company Executive Chairman Bill Ford said today that Alan Mulally plans to continue to serve as Ford president and CEO through at least 2014. Mark Fields was named the company’s chief operating officer effective 1 December. The announcement has industry observers debating whether Fields is ultimately talented enough to lead the U.S.’s second largest automaker. Fields will continue to report to Mulally, as will the company’s chief financial officer, general counsel and group vice president of Human Resources and Corporate Services. Continue reading
Ford Motor Company posted weak sales of 168,456 total vehicles in October, unchanged from a year ago in an industry that grew more than 8%. Retail sales were up 2% compared to last year. It was Ford’s second straight no-growth month of the year. Continue reading
After this sale, ACH or Automotive Components Holdings will have only one remaining operation – the climate control business at its Sheldon Road plant in Plymouth Township, Mich. ACH was formed by Ford in 2005 to sell or close 23 former Visteon plants. Continue reading
In April, Toyota Motor Sales came within a rounding error of surpassing Ford Motor Company as the Number Two selling automotive group in the U.S. Ford Motor’s U.S. sales decreased 5% in April year-over-year to 179,660 vehicles in a market that was up 2.3%, in part because its plants were running flat out. Number Three Toyota Motor Sales reported April sales of 178,044, up 12%. Year-to-date, Toyota Motor trails Ford Motor by 52,000 cars and light trucks, a gap is decreasing each month. Continue reading
My favorite Poling story was when Ford was looking to buy Alfa Romeo. So they had a car in the executive garage for Red and other senior execs to drive. One problem, Red’s big wing tips didn’t allow him to operate the small pedals unimpeded. Therefore, he took them off and drove the car in his socks, leaving the shoes on the walkway. It is unknown if the garage staff polished the shoes while he was gone. Continue reading
Ford Cuts Summer Shutdown in North America as Lack of Capacity is Hurting Sales and Share in Recovering Market
Ford Motor’s U.S. sales decreased 5% in April to 179,660 vehicles in a market that was up 2.3%, in part because its plants were running flat out. Ford is now facing a strong challenge from Number Three Toyota Motor Sales, which reported April sales of 178,044, up 12% y-o-y. Year-to-date, Toyota Motor trails Ford Motor by 52,000 cars and light trucks, a gap that decreases each month. Continue reading
Ford Motor Company paid Alan Mulally, president and CEO, $2,000,000 in salary and $5,460,000 in cash bonus in 2011. Mulally’s total compensation, including the value of long-term stock options, was $29,497,572. Continue reading
In a separate transaction, Ford announced its first renminbi-denominated bond issue aimed at RMB investors in Hong Kong, Singapore and elsewhere outside the United States, with total proceeds of RMB 1 billion or about USD $158 million. Ford is losing money in the Asia-Pacific region. In the fourth quarter of 2011, Ford Asia Pacific Africa reported a pre-tax operating loss of $83 million, compared with a profit of $23 million a year ago. Continue reading
Ford Motor Company announced today that Lewis Booth, 63, executive vice president and chief financial officer, and Derrick Kuzak, 60, group vice president, Global Product Development, will retire on 1 April. Both of these key executives served the Number Two U.S. automaker for more than 30 years. Booth had wanted to retire for years but stayed on out of loyalty. Kuzak came as a surprise.
These senior executive changes are unfortunate in timing as both the highly compensated Booth and Kuzak did yeoman’s work in trying to right a still troubled company that recently is showing signs of returning to competitive health.
In late 2008, a week after the collapse of Lehman Brothers triggered a worldwide financial crisis and the ongoing Great Recession, Booth returned from heading Ford of Europe to Dearborn as Ford’s chief financial officer where management was struggling with the dire cumulative effects of years of losses, declining sales, heavy debt loads and unfunded pension liabilities – the same issues Booth was grappling with in Europe. Prior to that Booth headed Mazda in Hiroshima. Ironically, it was Booth as Ford’s CFO who was forced to sell Ford’s controlling interest in the feisty Japanese company for badly needed cash. Continue reading
Ford still remains heavily in debt – at $12.7 billion. However, Ford decreased automotive debt by $1.3 billion in the third quarter of this year, including payment of the remaining $1.8 billion balance of secured Term Loan debt, which was offset partially by an increase in controversial taxpayer-subsidized low-cost loans from the Department of Energy to support advanced technology under the guise of retooling existing plants. Continue reading
India is projected to become the world’s third largest light vehicle market by the end of the decade behind China and the U.S. Continue reading
Ford Motor Company (NYSE: F) today reported first quarter 2011 net income of $2.6 billion, or 61 cents per share, an increase of $466 million, or 11 cents per share, from first quarter 2010 as the global auto industry continued … Continue reading
Ford Motor Company today announced the sale of its Norfolk Assembly Plant in Virginia to Atlanta-based Jacoby Development. As part of the transaction, Jacoby, in turn, sold a portion of the 100-acre former Ford Plant to Belgium-based Katoen Natie (KTN), a global logistics provider. Terms of the sale were not disclosed. Continue reading
Barring a miracle the Ford Auditorium, like two other famous Ford Buildings in Dearborn – the Rotunda, which burned and was not rebuilt, and the old Executive Office building, with its stunning Art Deco design, which fell to a wrecking ball – will vanish from the landscape. Continue reading
Ford Motor Company (NYSE: F) said today that it will convert some of its $16 billion in outstanding debt to shares of common stock. In so doing, the second largest Detroit automaker will take a charge of $60 million against its first quarter earnings.
Ford is still listed as below investment grade by the rating agencies – Moody’s Investors Service (Ba2) and Standard & Poor’s B+. Both are junk ratings that raise borrowing costs and limit large mutual funds from buying Ford bonds. Ford lost its investment grade rating in 2005. Continue reading