Posts Tagged ‘Bill Ford’

Fields Tried to Fire Hinrichs Before He Was Booted From Ford

Infighting marked final days for CEO, says report.

by on Jun.01, 2017

Ford President of the Americas Joe Hinrichs.

In a final bid to satisfy Ford shareholders – and Chairman Bill Ford – CEO Mark Fields tried to shift blame for the company’s weakening performance stock price to his top lieutenant, according to a new report. But the effort to fire Ford’s President of the Americas Joe Hinrichs was blocked and Fields himself was given his walking papers on May 19th.

In turn, the popular Hinrichs wound up with a significant promotion as part of the shake-up that saw Fields replaced by former Steelcase chief executive Jim Hackett, notes a report in Automotive News. The 50-year-old Hinrichs will now serve in the newly created post of president of global operations.

The Inside Story!

Last month’s shake-up at Ford came as the automaker scrambled to address declining U.S. sales and market share, a 38% plunge in first-quarter earnings, and a stock price that had dipped 40% since Fields was named CEO in July 2014. It hit a new 52-week low around the time Fields agreed to officially “retire” under pressure from the Ford board of directors and Bill Ford himself.

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Ford Continues Management Shake-Up

New CEO names his own top team.

by on May.25, 2017

Raj Nair will shift from running product development to serve as head of Ford's North American operations.

Just days after Ford Motor Co. announced a new chief executive officer, incoming CEO Jim Hackett has revealed a sweeping realignment of his top management team, shuffling over a dozen senior executives into new position, ousting others, and even rehiring one Ford veteran who had quit to take a job heading Uber’s autonomous vehicles program.

Separately, Ford said that Hackett, the former head of furniture maker Steelcase, is now eligible for at least $13.4 million in compensation this year. That includes $1.8 million in salary, $7 million in stock-based compensation and various bonuses.

We Track the Changes!

“The leadership changes we are announcing today across our global business are important as we foster even greater teamwork, accountability and nimble decision-making,” the 62-year-old Hackett said in a statement released Thursday.

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Ford to Cut 1,400 Jobs as Part of Major Cost-Cutting Push

by on May.17, 2017

The new job cuts won't directly impact Ford's hourly workers - but they have been facing a series of temporary plant closures in recent months.

Ford Motor Co. has revealed plans to cut about 1,400 salaried jobs in North America and Asia as part of a cost-cutting plan, but the move is significantly smaller than had been suggested by some news reports earlier in the week.

The move comes as Ford struggles to boost sales and earnings after a sharp slump in recent months. The second-largest automaker has also been trying to boost its stock price, which has tumbled about 40% since Mark Fields became CEO nearly three years ago. But the initial response by investors is proving lackluster.

In the News!

“We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities,” Ford said in a statement early Wednesday, updating comments the maker had released earlier in the week.

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Ford May Cut 10% of Global Workforce

Detroit maker responding to weak profits, stockholder pressure.

by on May.16, 2017

Ford CEO Mark Fields has come under increasing pressure to boost sales and earnings.

Under increasing pressure from stockholders as sales and profits decline, Ford Motor Co. is reportedly looking at cost cuts that could include the elimination of as much as 10% of its global workforce, sources tell TheDetroitBureau.com, confirming news reports that have been emerging overnight.

With a current workforce of around 200,000 employees worldwide, that means Ford could trim as many as 20,000 jobs, a large share of those apparently in the U.S. and Asia, though the final figure could be smaller. Other measures are designed to rein in spending and reverse the sharp, 35% drop in earnings Ford suffered during the first quarter of this year – triggering widespread criticism of the carmaker’s management by analysts and investors.

Breaking News!

In a statement, Ford declined to directly address the reported job cuts, but noted, “We remain focused on the three strategic priorities that will create value and drive profitable growth, which include fortifying the profit pillars in our core business, transforming traditionally underperforming areas of our core business and investing aggressively, but prudently, in emerging opportunities.”

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Ford’s Low Share Price Frustrates Shareholders and Execs

CEO Fields takes heat as stock, earnings, sales tumble.

by on May.12, 2017

CEO Mark Fields has tried to shift Ford's direction - but investors want quicker results.

Amidst signs of turmoil within the company, Ford’s top executives faced some sharp questions from shareholders during the first every “virtual annual” meeting.

“You both say that your main priority is to provide long-term shareholder value,” one shareholder asked. “Losing 40% of the value since Mark (Fields) took over as CEO doesn’t seem to be upholding that pledge.”

Beyond the Headlines!

In response, William Clay Ford Jr., Ford’s executive chairman and the great grandson of the company’s founder, said that the company’s stock price matters both to the Ford family and Ford’s top management. However, he added, Wall Street has historically undervalued automakers, even when they are earning substantial profits.

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Autonomous Cars Could Make Brands Irrelevant, Warns Bill Ford

Ford chairman looks to the future of the auto industry.

by on Jan.11, 2017

Will brands matter when you don't own a car anymore, but rely on ride-sharing services, asks Ford?

Brands carry tremendous power in today’s auto industry. Say the names Ford, Toyota, General Motors or Volkswagen and you’re likely to immediately conjure up a clear image about things like design, performance, quality and reliability.

Brand image translates into sales and owner loyalty, said Bill Ford, the chairman of Ford Motor Co. But in an appearance following the media preview of the North American International Auto Show, the executive questioned whether automotive brands could become irrelevant in the near future.

Your Crystal Ball to the Future!

“What will brands mean in an autonomous world,” said Ford, the great-grandson of Ford Motor Co. founder Henry Ford.

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Trump Takes Credit for Keeping Ford Plant in Kentucky

Automaker never had plans to shut down or "move" the facility.

by on Nov.18, 2016

Ford is not transferring production of its slow-selling Lincoln MKC to Mexico after all.

Ford Chairman Bill Ford called President-elect Donald Trump to inform him that the automaker would be keeping production of a slow-selling Lincoln crossover at its Louisville, Kentucky plant, and Trump took to to spread the good news.

“Just got a call from my friend Bill Ford, Chairman of Ford, who advised me that he will be keeping the Lincoln plant in Kentucky – no Mexico,” he tweeted.

The Journal of Record!

After months of erroneously bashing the automaker in speeches and in social media about its production plans, the tweet seemed like a nice start to a beautiful new friendship – or at least a nice change of pace from a long string of inaccuracies. He even followed it up with another one. (more…)

“Like a Kid in a Candy Store;” Bill Ford Embraces the Culture of Risk

But investors remain wary.

by on Sep.14, 2016

Ford has to decide where to place its bets in a world where this is a "panoply" of options.

When the economy began to melt down in 2008, Ford Motor Co. learned the hard way that the only constant is change. And it’s a lesson Bill Ford, the great-grandson of founder Henry Ford and the carmaker’s current chairman, isn’t about to forget.

It helped to spend 11 years on the board of e-commerce giant eBay, the executive noted during a technology conference at Ford corporate headquarters in Dearborn, Michigan on Tuesday. The event was intended to  show how a company long viewed as a ponderous, Rust Belt relic was, in many ways, moving as fast as the oft-heralded start-ups of Silicon Valley.

Insight!

“Many of the things we’re doing are far afield from a traditional car company,” Ford stressed. We’re disrupting ourselves. But rather than looking at it as scary, it’s a tremendous business opportunity.”

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Is Ford Ready to Race New GT at Le Mans?

Maker set to announce “significant performance news.”

by on Jun.12, 2015

Ford Chairman Bill Ford and CEO Mark Fields unveiling the new Ford GT supercar at the Detroit Auto Show.

Ford Motor Co. is only promising some “significant performance news” will be announced in Cologne, Germany today. But based on a variety of hints the maker has been dropping, the betting is that it will announce plans to return to Le Mans in the near future, all but certainly to race the reborn Ford GT.

Rumors of a new Le Mans program began to surface even before Ford revealed the latest take on the ultracar at the North American International Auto Show in Detroit last January. Company officials then suggested they might have additional plans for the GT.

Performance News!

The announcement will come just a day before the 2015 Le Mans race gets the green flag. If Ford were to put the GT back on the track in 2016 it would be more than just a coincidence. That would mark the 50th anniversary of the maker’s stunning victory at Le Mans with its original GT40 Mk II

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Ford Will Build GT in Canada

Supplier Multimatic also produced Aston Martin One-77 supercar.

by on Feb.16, 2015

Newly painted silver, the Ford GT is now on display at the annual Chicago Auto Show.

Ford’s new all-American supercar, the GT, will actually be rolling out of a plant in Ontario, the maker has confirmed.

The 600- horsepower “ultracar” will be produced by Multimatic Inc., a suburban Toronto supplier with extensive experience using the exotic carbon fiber that will be used for the Ford GT body. Multimatic previously produced the Aston Martin One-77 supercar which also used the super-light material.

High Performance News!

Bedecked in a new silver paint scheme, the GT concept is currently on display at the Chicago Auto Show. It was originally painted blue when unveiled at the North American International Auto Show – where it was one of the event’s big surprises.

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