Ford Motor Co. (F) has a new CEO, Alan Mulally, who has no experience building cars, isn't well known in Detroit and up until he took the position drove a Lexus. Mulally has spent more than three decades in Seattle as an engineer and senior executive with Boeing Co. (BA).
"That Lexus has been destroyed," Bill Ford joked in an interview with TIME.com. "We had it vaporized during yesterday's press conference." Mulally, for his part, acknowledges he's a newbie in town. "I asked Bill for his complete assurance that he'd stay as chairman," he told TIME. "It's not every day, after all, that an outsider is recruited to run Ford-let alone a guy who used to build airplanes for a living."
But since 2001 Ford has suffered more than $9 billion in losses from its North American auto operations making these trying and desperate times. Ford's market share is the second lowest on record and sales of their pickup trucks and SUVs, the only major profitable segment, have plummeted in the last year.
Know More about issues that impact business at AnalyzeThisBusiness.com.
Comment Preview