In a move that came as a bit of a surprise, Bill Ford stepped down as CEO of Ford Motor Company today, but will remain as Chairman. The announcement came after the market closed. The Ford family owns a 40% voting stake in the company.
Alan Mulally, an executive with Boeing, will take over as CEO. Mulally had been considered for Boeing CEO last year, but was passed over in favor of former 3M executive Jim McNerney.
Ford is in the middle of a restructuring designed to return the world's second largest automobile manufacturer to prominence and profitability. Bill Ford is quoted in the AP story as having written an email stating that the turnaround effort "required the additional skills of an executive who has led a major manufacturing enterprise through such challenges before."
AP
MarketWatch
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