Ford Transition Begins as Two Top Execs Retire
DETROIT (
) -- Two prominent longtime
Ford
(F) - Get Report
executives, both of whom played key roles in the automaker's turnaround under CEO Alan Mulally, have announced retirements effective April 1.
CFO Lewis Booth, a 34-year veteran of the company, and Derrick Kuzak, group vice president for global product development, a 33-year veteran, will be leaving, Ford said Thursday. Booth healed the company's ailing balance sheet while Kuzak implemented mulally's One Ford plan, overseeing development of a series of products built on global platforms.
CFO Lewis Booth, a 34-year veteran, is one of two Ford executives retiring in April. |
The turnover is viewed as a sign Ford is assembling the team that will lead Ford after Mulally retires, whenever that is. Mulally turns 67 in August. Booth is 63 and Kuzak is 60.
"I have no plans to retire and am absolutely thrilled and honored to continue to serve Ford," Mulally said, during a media conference call Thursday morning. But "Ford is absolutely committed to a robust succession plan."
"I'm pleased to have such a strong bench," he said. "We won't miss a beat."
Booth was named CFO in 2008, a week after the Lehman Brothers collapse, giving up his post as head of Ford in Europe. He presided over the strengthening of Ford's balance sheet, as the automaker's credit rating gradually raised six notches to one level below investment grade. During the period, net cash improved by $20 billion. In December, Ford said it would restore its dividend effective March 1.
"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, the company's executive chairman, in a statement. "Lewis and Derrick were absolutely integral to the comeback of Ford and they are retiring with our deepest respect and gratitude."
Reports of Booth's impending departure surfaced last month during the Detroit Auto Show. In an interview, Booth, who has always seemed to enjoy life in the auto industry, didn't reveal any intent to depart. "I love every minute of it," he said. "I'm bright and shiny and ready to go."
in a statement issued Thursday, Booth said: "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. It's been an incredibly rewarding journey." Mulally, in a statement, said that Booth "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."
Kuzak, a Michigan native, led the creation of the One Ford global product cycle plan, leading platform consolidation across key global vehicle segments. "Derrick's commitment to product excellence and continuous improvement has allowed Ford to deliver to our customers the industry's freshest showroom," Mulally said.
Booth will be succeeded by Bob Shanks, 59, vice president and controller, while Kuzak will be succeeded by Raj Nair, 47, vice president for engineering for global product development. Both will report to Mulally; Nair will also report to Mark Fields, executive vice president.
Ford also announced Thursday that its newest board member is Jon Huntsman, 51, the former Utah governor and ambassador to China who recently dropped out of the race to be the Republican candidate for president.
>To contact the writer of this article, click here:
Ted Reed
Readers Also Like:
>>
>>
10 Totally Vulnerable Company Towns
