Ford draws former CFO Gilmour out of retirement to help turnaround - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars
LinkBack Thread Tools Display Modes
post #1 of 3 (permalink) Old 05-21-02, 09:26 AM Thread Starter
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

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.....
Stacy94PGT is offline  
Sponsored Links
post #2 of 3 (permalink) Old 05-21-02, 09:57 AM
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.

RPO83 is offline  
post #3 of 3 (permalink) Old 06-05-02, 10:01 AM
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!

RPO83 is offline  
Sponsored Links

  Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars > Fordforums Community > Latest Ford News and Racing News > Ford Worldwide News
Gear in this thread - Powered by O'Reilly Auto Parts

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode

Similar Threads
Thread Thread Starter Forum Replies Last Post
U.S. Ford leadership depth critical to turnaround Stacy94PGT Ford Worldwide News 0 06-15-03 05:17 AM
FORD TOUGH: The pressure's on for Bill Ford Jr. to finish first Stacy94PGT Ford Worldwide News 0 06-10-03 05:52 AM
'Henry had the dream' Stacy94PGT Ford Worldwide News 0 03-28-03 06:58 AM
A CENTURY OF VISION: Fords built city, changed the world Stacy94PGT Ford Worldwide News 0 03-12-03 08:17 AM
Ford Product-Led Transformation: 2003 RPO83 Trans | Driveline 0 07-22-02 07:48 AM

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

For the best viewing experience please update your browser to Google Chrome