Ford page 5

Ford page 5 by ric gustafson


Bill Ford took over as CEO of Ford ousting Jacques Nasser. The company was in shambles and posted a $ 5.45 billion loss in 2001. In 2002, Ford Jr closed five factories and eliminated 21,000 jobs. He reduced dividend payments to family members and fired consultants. By the end of 2002, Ford was back in the black.
Ford Jr hired Sir Nick Scheele to be President and Chief Operating Officer. Ford Jr hired Jim Padilla to be head of North American operations. In May of 2002, Allan Gilmour became chief financial officer.
Ford's sales fell in 2002, 2003 and 2004 and only remained profitable thanks to Ford Credit. In 2003, the Ford Hybrid was a labor of love for Ford Jr. In 2005, Ford's credit rating was downgraded to junk bond rating. By 2005, Ford's North American factories were running at only 79 percent.
In 2005, Mark Fields was hired to begin an overview of Ford's business environment and how the company thought of itself by the end of 2010.


research help: ' American Icon' by Bryce G Hoffman

Peace and God's blessings. Love Ric