Ford CFO Lewis Booth And Global Product Chief Derrick Kuzak To Retire; Veteran Executives Named As Successors

DEARBORN, Mich., Feb. 9, 2012 /PRNewswire/ --

• Lewis Booth, executive vice president and chief financial officer, has elected to retire effective April 1, after a 34-year career
• Derrick Kuzak, group vice president, Global Product Development, has elected to retire effective April 1, after a 33-year career
• Booth will be succeeded by Bob Shanks, currently vice president and Controller
• Kuzak will be succeeded by Raj Nair, currently vice president, Engineering, Global Product Development

Ford Motor Company (NYSE: F) today announced that Lewis Booth, executive vice president and chief financial officer, and Derrick Kuzak, group vice president, Global Product Development, have elected to retire effective April 1.  Each has served the automaker for more than 30 years.                                                                                                            

Booth, 63, will be succeeded by Bob Shanks, who is currently vice president and Controller.  Kuzak, 60, will be succeeded by Raj Nair, who is currently vice president, Engineering, Global Product Development. Shanks and Nair assume their new positions April 1.

In addition to these changes, Ford is announcing the following moves, also effective April 1:

• Stuart Rowley, 44, currently chief financial officer, Ford of Europe, has been elected a company officer and will succeed Shanks as vice president and Controller
• Hau Thai-Tang, 45, currently executive director, Global Product Programs, has been elected a company officer and will succeed Nair as vice president, Engineering, Global Product Development

" Lewis Booth and Derrick Kuzak represent the very best of Ford and our culture and built a legacy of leadership, integrity and commitment to excellence that will benefit us for years to come," said Bill Ford, Ford's executive chairman. "Lewis and Derrick were absolutely integral to the comeback of Ford and they are retiring with our deepest respect and gratitude." 

Finance Changes

Booth, a native of Liverpool, England, who was trained as both an accountant and engineer, rose up through the company in a series of financial and operational jobs, including working in Ford's product development, manufacturing and vehicle operations departments in North America.  Booth went on to lead operations for Ford in South Africa and Mazda before being tapped to head Ford of Europe and the Premier Automotive Group, Ford's former family of European premium brands.

In late 2008, a week after the collapse of Lehman Brothers triggered a financial crisis, Booth returned to Dearborn as the company's chief financial officer.

Under his leadership, the Ford treasury and finance teams executed a series of complex moves to shore up Ford's liquidity and reduce debt. Over the last three years, Ford has significantly strengthened its balance sheet, improving its net cash level by $20 billion. The company also has seen its credit rating improve six notches to one level below investment grade. In addition, the dividend is being restored and the company has begun derisking the pension plans.

"Lewis brought to his role as chief financial officer a unique blend of financial and operational experience," said Alan Mulally, Ford president and CEO. "He has helped fully implement the One Ford plan by supporting a fully-funded product plan and delivering a profitably growing Ford for the good of all of us."

Booth began his career with Ford in 1978 as a financial analyst in Product Development for Ford of Europe. Since that time, he has been known not only for his financial and operational expertise but also for his passion for people and products. 

"During my 34 years at Ford, I've had the opportunity to lead the company's operations on three continents as well as head up our talented Finance team," Booth said. "It's been an incredibly rewarding journey.  I'm honored to have had the privilege to play a key role in the company's turnaround and to have worked with outstanding people in the Ford team around the world."