Kennard, 57, is the former chairman of the FCC and former U.S. Ambassador to the European Union. He currently is chairman and co-founder of Velocitas Partners LLC, an asset management firm, and a member of the Operating Executive Board of Staple Street Capital, a private equity firm.
"Bill has a wealth of experience, particularly in telecommunications, where he has spent years shaping policy and pioneering initiatives to improve the benefits of technology for consumers worldwide," said Ford Executive Chairman Bill Ford. "As we accelerate our work in the areas of in-car connectivity and mobility, his unique perspective will help guide our strategy and Blueprint for Mobility forward."
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Also, long-time Ford board member Dr. Homer Neal has elected to leave the board, effective Dec. 31, after serving 18 years.
Shares of Ford are down 1.08% to $15.11 in late morning trading.
TheStreet Ratings team rates FORD MOTOR CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORD MOTOR CO (F) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."