Alan Mulally

19 Stories

CEO Credited With Saving Ford Retiring

Alan Mulally will be replaced by Mark Fields

(Newser) - Ford CEO Alan Mulally will retire July 1 and be replaced by Chief Operating Officer Mark Fields, the company announced in a news release this morning. The 68-year-old Mulally is credited with saving Ford from financial ruin after being hired away from Boeing in 2006. Fields, who has been running... More »

Ford's Now Building Smartphones on Wheels

'In-car connectivity' is a plethora of distractions

(Newser) - Ford's got a slick new whiz-bang simulator, and Maureen Dowd kicked the tires—and almost ran smack "into a huge green truck," she writes for the New York Times. The problem is Ford's new "in-car connectivity"—a "cornucopia of diversions on your dashboard," Dowd... More »

Ford to Kill Mercury Brand

CEO convinces Ford family to dump 71-year-old line

(Newser) - Ford CEO Alan Mulally has convinced members of the Ford family to let him kill off one of the company's oldest brands, the 71-year-old Mercury. Mulally will soon seek official approval from Ford's board to pull the plug, sources tell the Wall Street Journal . Mercury was created in 1939 by... More »

Ford Sweeps Detroit Auto Show

Automaker nabs car, truck of the year

(Newser) - Ford vehicles won both car and truck of the year at the North American International Auto Show in Detroit, cementing the carmaker's dominance over its domestic competition. The Fusion Hybrid snagged car of the year, and the company copped truck of the year for the second consecutive year with the... More »

Rival Bankruptcies Spook Jealous Ford

It's kinda jealous

(Newser) - Ford Motor Co., the lone member of the “Big Three” not to accept government help, is suddenly looking across town with dread and a touch of jealousy, the Wall Street Journal reports. A bankruptcy at GM or Chrysler could wreak havoc on Ford’s supply chain, as shared suppliers... More »

Ford Scores PR Cred by Declining Bailout Cash

By not begging to feds, but supporting Detroit mates, company well positioned

(Newser) - Ford’s decision not to take any of the $17.4 billion in bailout cash granted General Motors and Chrysler is paying the company public-relations dividends that could translate into cash in its showrooms when the economy recovers, Advertising Age reports. It was also a good move, analysts say, to... More »

Detroit Paper to Congress: You Cannot Turn Away

(Newser) - In an open letter to members of Congress, the Detroit Free Press insists that the government cannot turn its back on the auto industry. If it does, "there will be economic hell to pay—not just in Detroit, but all across America, including in your state, in your district.... More »

Ford Unveils Plan, Seeks $9B

Promises to be profitable by 2011

(Newser) - Ford unveiled a new plan to restructure its operations today and predicted a return to profitability—or at least break-even—by 2011, the Wall Street Journal reports. The plan calls for aggressive cost cutting and an increased focus on fuel efficiency. One of the costs on the chopping block? CEO... More »

Big 3 CEOs Head Back to DC—This Time by Car

CEOs of America's automakers will renew plea for bailout today

(Newser) - The Big Three CEOs are heading back to Washington this week, and this time two of them will be driving, the Wall Street Journal reports—Alan Mulally in a Ford Escape hybrid, and Rick Wagoner in a Chevrolet Malibu hybrid. The CEOs will attempt Thursday to persuade Congress to extend... More »

Ford May Sell Off Volvo

Company's US sales off 28% in '08; Swedish government in talks

(Newser) - Ford is looking to cut costs wherever it can, and that might mean selling off its Volvo unit, the Wall Street Journal reports today. US sales for Volvo dropped off 28% in the first 10 months of 2008, and Ford, bleeding cash, plans to trim down and focus on its... More »

Ford Doesn't Want to Cut CEO's Pay

Mulally rebuffed $1 salary suggestion, 'OK' making $2M

(Newser) - Though it’s under pressure to trim costs and update its business plan in order to get federal bailout funds, Ford doesn’t like the idea of cutting its CEO’s salary, the Wall Street Journal reports. Alan Mulally made a $2 million salary and $21 million in total compensation... More »

GM Shrinks Fleet of Corporate Jets

Automaker, pilloried on Capitol Hill, is retiring two of five planes

(Newser) - After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets,... More »

Obama Team Weighs Streamlined Auto Bankruptcy

A 'prepackaged' plan likely would include government financing, take less time

(Newser) - Barack Obama’s transition team is looking at a streamlined, “prepackaged” bankruptcy for the Big Three automakers, Bloomberg reports. In a “prepack,” the companies already would have financing lined up when they go to court, and would have to reach agreements with banks, workers, and suppliers. The... More »

Detroit's Big 3 Plead Their Case in Washington

(Newser) - The CEOs of the Big Three automakers told the Senate today that a $25 billion bailout of the industry is necessary to prevent "catastrophic" effects on the economy, the New York Times reports. “If the domestic industry were allowed to fail,” said GM's Rick Wagoner, it would... More »

Ford Put Brakes on GM Merger Talks

Company vows to survive, may sell Mazda stake for cash

(Newser) - Ford rejected merger overtures from GM earlier this year and decided to ride out its financial issues alone, the Wall Street Journal reports. The GM-Ford talks were “very loose and preliminary, more exploratory in nature than anything else,” a source said. Both companies have denied bankruptcy rumors, but... More »

Ford Surprises With $100M Q1 Profit

Cost cutting offsets weak sales in US for world's No. 3 automaker

(Newser) - Ford today posted an unexpected first-quarter profit of $100 million, Bloomberg reports, the result of cost cutting in North America and strong overseas sales. Analysts had anticipated a loss on the order of last year's first-quarter drain of $282 million. The world’s third-largest automaker said its revenues increased 1.... More »

More Cuts Planned as Ford Shifts Out of Reverse

Investors rally for Mulally as turnaround picks up speed

(Newser) - Ford was in the worst shape of Detroit's Big 3 a couple of years ago but chief executive Alan Mulally's sweeping changes have put the firm back on the road to profitability, the Wall Street Journal reports. The company has slashed jobs, and will likely cut more, and ditched its... More »

Ford to Sell Jaguar, Land Rover to India's Tata

Restructuring move will bring $2B—less than what company paid for either

(Newser) - Ford will sell marquee brands Jaguar and Land Rover to India's Tata Motors, the Wall Street Journal reports. Under the deal, expected to be announced tomorrow, Ford will get $2 billion, less than it paid for either company in separate deals years ago. Ford has lost $15 billion the past... More »

Ford Turns 1st Quarterly Profit in 2 Years

Automaker thumps expectations, moves into black for 2007

(Newser) - In a surprise turnaround, Ford reported a $750 million quarterly profit today, ending seven quarters in the red by declaring earnings of 31 cents per share. Excluding profits related to the sale of Aston Martin and job cuts, the figure was 13 cents per share ($258 million), Bloomberg reports. Ford... More »

19 Stories