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post #1 of 3 (permalink) Old 05-21-02, 08:26 AM Thread Starter
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Ford draws former CFO Gilmour out of retirement to help turnaround

Ford draws former CFO Gilmour out of retirement to help turnaround
Thursfield to replace Mazzorin; other moves announced

Automotive News

DETROIT -- Ford Motor Co. on Monday drew its former CFO out of retirement and announced other management changes aimed at kick-starting its turnaround and regaining investor confidence after a disastrous 2001.

The No. 2 automaker said Allan Gilmour, 67, will immediately rejoin Ford as vice chairman and CFO.

Ford CEO Bill Ford said Monday that Gilmour, who turns 68 next month, will spend time forging Wall Street relationships and working on the company's revitalization plan.

"(We) hope to cut costs without sacrificing perceived value in the company," Ford said at a news conference.

Ford Motor, which lost $5.45 billion in 2001, has disappointed Wall Street over the past year by repeatedly missing quarterly earnings projections and financial gaffes such as last year's $1 billion writedown because of a bad bet on the prices of palladium and other precious metals. Bill Ford said this month the company expects to post a slight profit this year.

"(Gilmour) served us before during hard times and has the critical knowledge needed to help us implement our revitalization plan," Bill Ford said.

Gilmour's presence will mean "That Ford Motor Co. will be a better-run company," Ford said. "Aside from being the CFO, Allan ran the automotive group. We're getting an executive who knows all aspects of the business."

Gilmour said while the auto industry had grown more competitive, with Ford facing more challenges from foreign automakers, it was not as bad off as it had been in other times of crisis.

"The biggest plus compared to other times is what the product lines are now," Gilmour said. "As I think through the product line, we have nothing to be embarrassed about ... I might have said that 20 years ago, but I wouldn't have believed it."

While the auto industry has changed since he retired in 1994, Gilmour said "fundamentals to accounting and finance haven't changed. I feel my experience is still relevant."

Gilmour said he expects to remain with Ford "a few years," or until he "runs out of gas."

Said Sanford Bernstein analyst Scott Hill: "I'm glad to see that management finally moved to put in somebody that has greater credibility with Wall Street. I was just not all warm and impressed with Martin (Inglis). I did not feel that he was fully engaged in the process of restoring investor confidence."

Among the other Ford management changes:

Martin Inglis, 51, former group vice president and CFO, was appointed group vice president of business strategy, effective immediately. He will be responsible for strategy, mergers and acquisitions, and the Hertz rental car agency.

David Thursfield, 56, chairman, president and CEO of Ford of Europe and a group vice president, will take over as group vice president of International Operations and Global Purchasing on Aug. 1. Thursfield will oversee Ford's European, South American and Asia Pacific operations, as well as global purchasing. He succeeds Carlos Mazzorin, 60, who becomes senior adviser to the Office of the Chairman and Chief Executive.

Martin Leach, 45, will become president and COO, Ford of Europe, Aug. 1.

Derrick Kuzak, 50, will succeed Leach as vice president of Product Development, Ford of Europe.

Bill Ford said the management changes reflect a strategy of "change and continuity." He said he wanted to bring experienced executives into roles with which they are familiar.

Of the group, none is more experienced than Gilmour, who joined Ford in 1960, as an analyst on the finance staff, a protege of the Whiz Kids.

The Whiz Kids were 10 former Army Air Corps officers renowned for developing fiscal controls for Ford and revitalizing the company after World War II.

Gilmour will report to Vice Chairman Carl Reichardt. Inglis will report to Gilmour.

Reuters contributed to this report.

My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
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post #2 of 3 (permalink) Old 05-21-02, 08:57 AM
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Ford can certainly be a volatile place when it comes to management. This is the fourth new CFO in as many years.

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post #3 of 3 (permalink) Old 06-05-02, 09:01 AM
Mr. Embargo
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Gilmour is a homosexual too, and he owns a Chrysler dealership.

Now I'm fine with the Gay thing, its the Chrysler thing I don't like!

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