Boeing chief to head Ford

Bill Ford has stepped down as chief executive of Ford Motor Company, making way for Alan Mulally, the former head of Boeing’s commercial division since 2001.

Bill Ford has stepped down as chief executive of Ford Motor Company, making way for Alan Mulally, the former head of Boeing’s commercial division since 2001.

The shock announcement was made on Tuesday as the manufacturer steps up plans to overhaul the company as part of its “Way Forward” strategy.

Ford said it was his idea to recruit someone from outside of the motor industry, though he will remain active in the day-to-day running of the company his family still holds a 40 per cent stake in.

“I’m not going anywhere,” Ford said in a statement. “As executive chairman, I intend to remain extremely active in the direction of this company. This is a partnership. (Alan and I) will be working very closely on all these issues.

“While I knew that we were fortunate to have outstanding leaders driving our operations around the world, I also determined that our turnaround effort required the additional skills of an executive who has led a major manufacturing enterprise through such challenges before.”

“Alan won’t have the car guy mentality,” Ford explained. “On the other hand, he will have experienced a whole different industry and a way of doing things that can be applicable to us.”

Mulally has been largely credited with plotting Boeing’s turnaround following the September 11 attacks in 2001.

His appointment follows recent reports that Ford-owned Jaguar, and more recently Aston Martin, were up for sale.

Bill Ford has confirmed the manufacturer is exploring the sale of all or part of the successful sports car unit “as part of our ongoing strategic review”.

“Since Aston Martin’s dealer network, product architecture and size are distinctly different from other Ford brands, it is the most logical and capital-smart divestiture choice,” Ford recently said.

Based in Gaydon, England, Aston Martin has been the success story of Ford’s beleaguered Premier Automotive Group (which incorporates Volvo and Land Rover). Its sale could free up much needed cash to support its parent company’s core brands.