ALLAN MULALLY
Ford Motor Co. Tuesday surprised the auto industry by tapping senior Boeing executive Alan Mulally as its new chief executive officer, succeeding current CEO Bill Ford, who will stay on as chairman. Mulally was most recently executive vice president at Boeing.Bill Ford, the 49-year-old great-grandson of company founder Henry Ford, was making a smart move but that more would be needed to halt the slide in market share for the nation's No. 2 automaker.
Upon taking over as CEO in 2001, Ford pledged that the company would take a leadership role in environmental issues. Under his watch, Ford introduced the hybrid Ford Escape and Mercury Mariner SUVs and announced plans to create hybrid versions of cars like the Ford Fusion and Mercury Milan sedans.
BILL FORD
Meanwhile, sales of some of its most profitable vehicles, like the recently redesigned Explorer and Expedition SUVs, have fallen. Despite a redesign that improved the vehicle's ride and handling, sales of the Explorer have tumbled about 31 percent this year.
The automaker said last week that it wanted to sell its Aston Martin line - the car made famous in the James Bond movies - to free up funds to invest in its other brands amid a sharp downturn in sales.
Ford declared last month it was cutting production plans and said 10 North American plants will be shut for extended periods much of the rest of the year as it tries to cut costs and deal with slumping sales of its light trucks.
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