A Restless Ford Motor Picks New Leader

Ford Motor Company,prodded by anxious shareholders,who have seen rival Tesla Motors overtake Ford in market cap recently,has chosen insider Jim Hackett to replace longtime Ford executive Mark Fields.Ford's executive chairman,Bill Ford,great grandson of company founder Henry Ford,denied that Fields had been fired.They simply sat down together and decided it was time for new leadership,Mr.Ford said.
Mr.Fields had replaced the retiring Alan Mulally,who was credited with shepherding Ford through the Financial Crisis.*
Mr.Hackett,a Ford board member,had been serving as Chairman of Ford Smart Mobility,the unit charged with crafting Ford's response to a changing transportation sector rapidly altered by firms such as Uber,Lyft and Google.Mr.Fields had been CEO for only three years and kept the company profitable,although its core auto manufacturing business has shown lackluster results as of late.*
In a previous position as CEO of office furniture maker Steelcase,Mr.Hackett shifted the company from cubicles to the rising open office format.From 2014-2016,he was interim athletic director at the University of Michigan,bringing on NFL coach Jim Harbaugh and hence restoring Michigan football to competitiveness.Bill Ford noted that:
These are really unprecedented times,and it really requires transformational leadership during these times.*
Ford's first electric SUV won't be ready till 2020.*
Ford Motor Company (F)

Michigan Saves the Dream

The state of Michigan is addressing the economic crisis.Governor Jennifer Granholm says that,for the state,we're doing everything we can to encourage refinancing of mortgages,rather than foreclosure.When you combine the auto industry restructuring and 4.00 a gallon gasoline,together with the economic downturn,it's a triple whammy for the citizens of the state.Since 2000,Michigan has lost 400,000 jobs.Michigan will be announcing its Save the Dream effort of 14 initiatives-especially in the alternative energy industry.For me,it's all about diversifying this economy,Governor Granholm explained.

Ford Responds To Economic Slowdown

Ford Motor Company(F) isn't just sitting around watching a slowing economy.CEO Alan Mulally says Ford has planned for a slowdown.It is reacting with a little bit less production.Although the Edge crossover vehicle has been a big hit,winning the JD Power and Associates "Most Appealing Midsize Multi-Activity Vehicle" designation,Ford will continue to make production adjustments.It is carrying out a strategic review of the Volvo brand to strengthen it,not sell it.Ford has lost a billion dollars in North America,but it is still aiming for profitibility in 2009.With the success of the new cars and utility vehicles,Ford should be able to stabilize in 2009.There is no reason for the automaker to seek a partner or cash infusion.This has been a year of honors for Ford.In late October,Consumer Guide Automotive recommended a number of Ford vehicles,including the Ford Fusion,Mercury Milan,Ford Taurus,Mercury Sable and Ford F-150.They ought to be strongly considered by customers for their price,features,fuel economy,reliablity,resale value and accommodations.One of the most popular features on Ford's 2008 line-up is the Sync voice recognition system,a collaboration with Microsoft(MSFT) that took eighteen months to develop.Walter Mossberg of The Wall Street Journal praised Sync for being a surprisingly reliable,very well done method for integrating digital devices,such as cell phones and MP3 players,into a car.Ford vehicles also garnered safety honors from the Insurance Institute for Highway Safety.Honorees included the Ford Taurus,Mercury Sable,Volvo C70,Ford Edge,Taurus X,Lincoln MKX and Volvo XC90.A University of Michigan customer satisfaction survey,conducted by its National Quality Research Center,gave Ford's Lincoln and Mercury brands an 86 out of 100.Ford is excited by the data.It shows that what they're doing is working,according to spokeswoman Anne Marie Gattari.Ford shares traded down this morning,at 6.73.