Filed under: Ford
Ford CFO Don Leclair retiring, Ford Europe's Booth will replace him
Ford Chief Financial Officer Don Leclair has decided to hang up his spreadsheets after an illustrious career at the Blue Oval. Leclair worked at Ford for 32 years and has held the top financial post there since 2003. Succeeding Leclair will be Ford of Europe President Lewis Booth. Booth has helped lead Ford's positive transformation in Europe and grow Mazda's success around the world, which are probably Ford's two largest successes of the past decade. Excruciatingly tough times in North America await Booth upon his arrival Stateside, and team Ford needs some of that same magic he had in Europe to pull the 105-year-old automaker out of its current situation. Leclair and Booth will be working together over the next few weeks to ensure that no balls drop during the transfer of power.
We're sure Mr. Leclair would have loved to leave the Blue Oval during happier times, and we hope his retirement is a long and enjoyable one. If stocks are part of his exit package, though, it may be some time before he has a chance to relax.
[Source: Ford, Photo by William Thomas Cain/Getty]
PRESS RELEASE:
DEARBORN, Mich., Oct. 10 – Ford Motor Company today announced that Chief Financial Officer Don Leclair will retire Nov. 1 after an accomplished 32-year career. Lewis Booth – who played a leading role in the successful transformation of Ford of Europe and Mazda during the past decade – will become the company's Executive Vice President and Chief Financial Officer.
"Don's expertise and business acumen have been invaluable to Ford," Ford President and CEO Alan Mulally said. "Under his leadership, Ford has made significant progress in lowering costs, improving quality, improving efficiency, divesting non-core assets, improving our balance sheet and moving us to our One Ford."
Leclair and Booth will work together in the coming weeks to ensure a smooth transition.
"Lewis Booth is one of the strongest and most experienced leaders within Ford and the auto industry," Mulally said. "He was instrumental in the transformation of Mazda and Ford of Europe to profitability and growth. He has built a strong and successful team in Ford of Europe that is well positioned to continue the momentum. And he has put in place new leadership at Volvo to turn around its results and build the strength of this premium brand."
Booth comes to the CFO position with broad operational experience in Europe, Asia and North America as well as a deep background in finance and product development.
"Lewis' global experience, track record and many years of leadership in Ford's finance operations make him the ideal CFO," Mulally said. "He has proven success integrating Ford of Europe into a profitable, lean and highly efficient operation. We now are turning to Lewis to apply his extensive operational and financial experience to work even closer with our operating teams around the world as we accelerate the transition to our One Ford vision and, in the process, transforming Ford into a lean global enterprise and returning the company to sustainable profitability."
Ford also today announced that John Fleming is appointed Executive Vice President and Chairman and CEO, Ford of Europe, succeeding Lewis Booth. Fleming will assume responsibility for Ford of Europe, Volvo Car Corporation and Ford's Export Operations & Global Growth Initiatives. He will report directly to Mulally.
"John is a proven executive who has demonstrated strong results," Mulally said. "Under John's leadership, Ford of Europe has grown its sales and profitability. I have every confidence he will continue to lead Ford of Europe and now Volvo to even stronger success in the future."
Leclair, 56, was named Executive Vice President and CFO in August 2003. He joined Ford in 1976.
"I have appreciated my time at Ford and now look forward to spending more time with my family and pursuing other interests," Leclair said.
Booth, 59, was named to his present position in 2005 and also formerly was responsible for the Premier Automotive Group. He joined Ford of Europe in 1978 as a financial analyst. During his career, he has had a series of senior leadership positions around the world, including Ford of Europe, Ford Asia Pacific, Ford South Africa, Mazda and Ford's Finance, Truck Operations, Product Development, Manufacturing and Sales operations in Europe, Asia and North America.
Fleming, 57, was named Group Vice President and President and CEO, Ford of Europe, in 2005. He joined Ford's manufacturing operations in the UK in 1967. During his career, Fleming has served in a variety of leadership positions in Ford's global Manufacturing operations, including managing four automotive assembly plants and three stamping and component plants.
Reader Comments (Page 1 of 1)
AkulaX1 2:32PM (10/10/2008)
Ford will rise and so will GM.
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quazi 4:43PM (10/10/2008)
..thanks to government bailouts.
Randy 12:49AM (10/14/2008)
Bailouts? I don't think so! Get your comments straight!
This is the second time I'm posting this! The 25 Billion is NOT for bailouts! It's for RND for eco friendly solutions that have been Government Mandated on US manufacturers! Furthermore, it's a loan not a bailout!
And why do we have to loan the Big Three money? Because your Government failed you when they didn't put tariffs on imports which gave an unfair advantage to Import makers due to their much lower cost to make cars!
Some Americans want their benefits, their job security, their 401K, their health benefits and then they bitched about an American car costing $1500 more (ten years ago) so American car companies had to cut corners to survive because Unions had a strong hold on them and the Gov had to make up for dropping h bombs on Japan with BS deals that made it so Japan would flourish economically. Then they buy an Import because you think they're saving a buck.
In fact, that buck saved, is now stored in a vault in another country where someone has a job, health care, a 401K a stable economy and a future. They suck the blood out of your country and then spit it in your fellow American's faces with their ignorance! It's up to you to know the truth and not join them in their ignorance!
Where does everyone think the money goes when something says "made in a place other than America". Gee... Guess where? THE OTHER COUNTRY!
I'm so sick and tired of ignorant post that elude the truth! Oh and I'm not all about buying only American goods! But if we can't sell in their country, F them and their products!
As a matter of fact, I'm going out to buy something American tomorrow! To keep an American working! To feed an American! Because without this great nation of ours, democracy, freedom, fresh water and all the wonderful things that make our country the greatest will be gone and the pursuit of a peaceful world will be OVER!............ time to wake up!
Todd 2:36PM (10/10/2008)
I misread that first sentence as: "Ford Chief Criminal Officer Don Leclair..."
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TJ 2:56PM (10/10/2008)
how is his actions criminal in any way, shape or form?
Seriously... name ONE thing.
fizzanpop 4:29PM (10/10/2008)
He took a long lunch. Which is "time theft" and just the same as shoplifting. I watched the Office, I know these things.
Oh, and he signed off on the Ford 500, which has got to be criminal in some way.
The Luigiian 3:47PM (10/10/2008)
TJ, I'm guessing one could indeed misread that statement as "Chief criminal officer", but in any case I think most people here realize that this guy wasn't a criminal.
Todd: Are you one of those people that regards all rich people as criminals or were you just trying to make a funny comment? You're confusing me with your intentions...
TJ 3:55PM (10/10/2008)
Ugh. Just read my comment. Please ignore the grammatical error.
*how ARE his actions....
Amien 2:49PM (10/10/2008)
LOL, i love the text bubbles AB!
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Soccer Mom 2:54PM (10/10/2008)
"which are probably Ford's two largest successes of the past decade" should read "which are probably Ford's only successes of the past decades"
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Yaroukh 2:59PM (10/10/2008)
That was very predictable comment... and far more stupid. How about Aston Martin? How about Land Rover?
Soccer Mom 3:08PM (10/10/2008)
Aston Martin? Sold. Land Rover? Sold.
Additionally, didn't Land Rover lose its image of great off-roader to heavy, thirsty, yet underpowered city hauler at the far bottom of the quality list?
MajorGeek 3:17PM (10/10/2008)
Her comments are always predicatable, click her name. American cars and she has negative comments and generalizations that are not true, but Mercedes and she loves it, Toyota, she is buying two of those (yeah right) and thats just comments from the first page. Sort of funny, she has nice things to say about GM on her second page, yet disses the ZR1 and Cadillac CTS. I mean, talk about inconsistent and unfounded. Normally, I just read past her comments knowing its just dribble.
ronnie schreiber 2:55PM (10/10/2008)
Who'd want to be any kind of CFO these days?
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Don 8:39PM (10/11/2008)
And what's he getting for retiring? $400 million?
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