Bill Ford steps down from Ford CEO post

[Bluebear]

DETROIT - Ford Motor Co. announced Tuesday that Bill Ford is stepping down as chief executive but will remain chairman of the troubled automaker.

Alan Mulally, previously executive vice president of Boeing Co. and president and CEO of Boeing Commercial Airplanes, has been named president and CEO at Ford.

http://news.yahoo.com/s/ap/20060905/ap_on_bi_ge/ford

Wow.

[Double T]

1. Looks like BIG changes are coming at Ford........

hope it is NOT too late.

[patricia92243]

2. I wonder what Henry Ford would say. n/t

[OzarkDem]

3. Wow!

Now that is big news. Wonder what's next?

On edit:

His replacement, Alan Mulally was head of Boeing for many years. Mulally was known for "streamlining production" and "transforming the company's commercial airplanes product lines". Sounds like layoffs, plant closings, spinoffs and pay cuts.

He's a "turnaround" guy, known for coming in to increase financial performance for shareholders - translation - he increases the yield to stockholders often at the expense of long term planning and investment. Strip it out, sell it off, milk those tax breaks, do a little magic accounting and restate those profits and move on.