Ford draws former CFO Gilmour out of retirement to help turnaround - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
Ford Forum Ford Forum

» Auto Insurance
» Featured Product
ยป Wheel & Tire Center

Go Back   Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Register Home Forum Active Topics Photo Gallery Auto Loans Garage Mark Forums Read Auto Escrow

FordForums.com is the premier Ford Forum on the internet. Registered Users do not see the above ads.
Reply
 
LinkBack Thread Tools Display Modes
Old 05-21-2002, 08:26   #1 (permalink)
Registered User
 
Stacy94PGT's Avatar
 
Join Date: Feb 2001
Location: The Hills of North Georgia,USA
Posts: 7,859
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


By SEAN DALTON
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.
__________________
Stacy94PGT
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.....
Stacy94PGT is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old 05-21-2002, 08:57   #2 (permalink)
Mr. Embargo
 
Join Date: May 2001
Location: Embargoland
Posts: 3,745
Ford can certainly be a volatile place when it comes to management. This is the fourth new CFO in as many years.
__________________
*Retired.
RPO83 is offline   Reply With Quote
Old 06-05-2002, 09:01   #3 (permalink)
Mr. Embargo
 
Join Date: May 2001
Location: Embargoland
Posts: 3,745
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!
__________________
*Retired.
RPO83 is offline   Reply With Quote
Sponsored Links
Advertisement
 
Reply

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
U.S. Ford leadership depth critical to turnaround Stacy94PGT Ford Worldwide News 0 06-15-2003 04:17
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-2003 04:52
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-2003 05:58
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-2003 07:17
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-2002 06:48

Powered by vBadvanced CMPS v3.2.2

All times are GMT -7. The time now is 15:09.



Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0
Garage Plus vBulletin Plugins by Drive Thru Online, Inc.