Ford Reaches for the Jumper Cables

Last week's departure of a high-profile board member at Ford (F) signals that big changes are afoot at the company.

The question now is what those changes are. And as rumors fly about the troubled automaker's next move -- ranging from potentially selling certain brands to going private -- Ford faces intense scrutiny as it moves forward in its restructuring.

Former Treasury Secretary Robert Rubin, who is now an executive with Citigroup (C), ended his six-year stint on Ford's board Friday. He cited the potential for conflicts of interest between his role at the bank and his role at the automaker as it embarks on a restructuring that will likely provide business for his full-time employer.

Investors saw Rubin's announcement as a sign that restructuring-related deals are nearing fruition. Ford has promised investors an update on its "Way Forward" plan next month. Bradley Rubin, senior automotive analyst with BNP Paribas, says Robert Rubin may not have approved of the direction the company is going in.

"It doesn't look like Rubin believes that Ford, or the Ford family, is doing what's best for shareholders," says Rubin, who is no relation to Robert Rubin. "If there is a conflict of interest there for him now, then there has been a conflict of interest for him at Ford all along, because Citibank has been offering investment services to Ford for many years. It looks like he really just doesn't want to be a part of what they're doing."