Joe Laymon isn't on the short list of successors for Ford CEO Alan Mulally, and it's unlikely you've ever heard of him, but if you want to get to the top at the Blue Oval, this is the guy you stop by Starbucks for on the way to work. Laymon is in charge of keeping a list of internal candidates ready in the event Mulally retires (or quits, is fired or for some other reason exits his position), which could come as soon as 2011 when he turns 65.
Both President of the the Americas Mark Fields and new marketing chief Jim Farley are on the short list of six execs on which the company is keeping tabs, but some less familiar names are considered, as well. Europe boss Lewis Booth, CFO Don LeClair, Europe COO Stephen Odell, and manufacturing chief Joe Heinrich round out the list of internal CEO candidates that will be given to the Ford board in the event of a Mulally exit. The list isn't static, either, as names are reviewed and added or dropped each year. If the board doesn't like its choices, though, the list is completely worthless and the company will again look outside its hallowed halls for help, just like it did in Mulally's case.
Click above for a high-res gallery of the Ford Transit Connect Taxi
Where better than New York for Ford to show off a taxi cab? And what better platform than the company's new Transit Connect van? Ford's Mark Fields and designer J. Mays were on hand for the unveiling of the Transit Connect Taxi Concept, and both were somehow amazed at the applause the concept generated. Seeing as how there were only a handful of us there and that the rest of the crowd consisted of Ford employees, we find it hard to believe there wouldn't be applause aplenty. Seriously though, this is one fun cab. After spending some time in the regular fleet of bumblebee-colored Crown Vics this past week, we can attest that the Transit Connect Taxi has a lot of things that make it a natural improvement over current standard taxis. Our favorite was the panoramic roof that allows passengers to take in tall buildings with a single glance, but we also liked the flexible seating and cargo configurations, as well as the funky interactive infotainment system for the back seat. Although it looks a bit large in photos, the Transit Connect Taxi Concept actually has a small footprint vehicle and seems like it could go four-wide where the Vics can only manage three abreast. Check out the press release after the jump and all of our live high-res pics in the gallery.
Between top X lists and hastily written end-of-the-year musings, the final day of 2007 is looking a lot like last year's run of retrospectives. Although some of the stories are different, many of the players have remained the same, so Tom Walsh from the Freep shot out a dozen emails to some of the leaders in his home state to get their predictions and hopes for the New Year.
The General's CEO, Rick Wagoner, echoes the sentiments of many in the auto industry, with hopes that the housing crisis is resolved post haste, while Ford's Mark Fields wishes that "we don't continually talk ourselves into a recession in 2008." Fields either wants to see or is predicting that "cars and crossovers will outsell trucks and SUVs for the first time in many years" and with gas prices holding steady at their current rates, that's a distinct possibility.
Both execs hope that comprehensive reform of the United States' energy policy takes effect, but the every quotable Bob Lutz takes the curmudgeon cake, saying, "Now that we have the 35 miles-per-gallon fuel economy mandate by 2020, I am hoping that in 2008 'Professor Doktor' David Friedman (research director, clean vehicles program, Union of Concerned Scientists) and his 'highly-qualified' band of allegedly concerned, self-proclaimed scientists will turn their energy toward showing the world's automotive industry exactly how those numbers, using existing technology and 'costs of a few hundred dollars at the most' can be attained with a vehicle selection that even remotely resembles the cars and trucks Americans want to buy today."
While on the cusp of another year, it's nice to know that some things will never change.
Mark "the Mullet" Fields dropped some small ordinance during an interview with the Wall Street Journal today, saying that if the slow U.S. economy puts the automaker at risk of not meeting its financial goals for the next two years, it may increase the rate at which it will cut costs.
To quote Ford's executive veep of North and South American operations, "There's more risk than there is opportunity going forward." Fields maintains that the combination of the turmoil-ridden home mortgage market, weak job numbers and increased debt among U.S. borrowers might cause Ford to slow production down in the fourth quarter to avoid excess inventory, a problem that plagued Chrysler last year around this time.
The adjustments are a last resort, and according to Ford, it's currently on track to meet its goals as long as things stay stable. Nevertheless, you can bet Fields has his fingers crossed.
Reuters is reporting that while Ford Motor Co. posted a $12.7 billion loss last year, its new Chief Executive earned $28.18 million. And that was for four months worth of work. Alan Mulally's pay for 2006 included salary and stock options, as well as an $18.5 million bonus. The man Mulally replaced, Chairman Bill Ford, had made good on his pledge to forego compensation until the company made a turnaround, and had no salary, bonuses, or stock earnings during the first 8 months of 2006. In the grand scheme of things, $28 million is a drop in the bucket compared to the huge corporate losses Ford has posted, but hopefully Ford is getting what they are paying for with their new CEO. Only time will tell, as the automaker isn't expected to get back into the black until 2009 at the earliest.
In all fairness, Mulally's package included a $7.5 million signing bonus and Ford had to pay an additional $11 million to compensate for getting him out of his Boeing contract early. And in case some think Ford would be smart to dump him and take the company in a different direction, the EXIT package would be almost as big. If the CEO is released during his first five years on the job, his exit package is valued at $27.54 million. Mulally gets that amount if he is let go for anything other than cause. That includes being let go due to a merger or bankruptcy filing. To put it in perspective, Ford President of the Americas Mark Fields made $5.57 million last year. That included a salary of $1.25 million and something related to using a jet. And CFO Don Leclair had $4.4 million in total compensation for 2006.
If you are still here after seeing your friends and colleagues pink-slipped (or encouraged to take buyouts or early retirement), then we want to know how you're feeling. That was the basic message sent to Ford's white-collar workers today by Ford's President of the Americas Mark Fields. Top Ford managers received an email from Fields along with Ford's quarterly Employee Engagement Surveys. According to The Detroit Free Press (Freep), the e-mail also discussed Ford's new Way Forward portal online and changes to employee benefits, but it mainly dealt with the anonymous surveys. Fields apparently "strongly encouraged" managers to get workers to fill out the surveys by March 28.
Fields pointed out that the results will help Ford understand the views of employees on the issues covered, so management can better shape future plans and the company can "move forward as a team." Although 6,000 of its 48,000 salaried workers have left Ford since February, those who are still on the job might show a different attitude towards Ford's future.
We're getting mixed signals from Ford. One week ago the automaker announced it was distributing bonuses to every single one of its salaried and hourly workers, just to say thanks for helping the company reduce costs, improve quality and reduce the ranks. Today we learn that Ford President of the Americas Mark Fields has told his workforce in a weekly webcast that the company earned poor marks on its own internal report card. The poor marks resulted from missing sales targets and not cutting material costs enough in February. We were under the impression that successful cost cutting was one of the reasons for paying out at least $36 million dollars in bonuses to its workers.
We made the argument last week, and again in this week's podcasts, that we bet many Ford workers would much rather have their bonus money go back into the company to ensure all the right moves are made during these uncertain times and their jobs remain secure. This seems even more evident today in light of Ford's failing to meet its own targets for February. Those many millions could pay for the next niche vehicle that sparks a renaissance, or any number of things that could help save the company. Heck, it could pay for a Taurus SHO!
High-res gallery of live and press pics available by clicking above image
Today in Chicago, Ford Motor Company's Cisco Codina unveiled the new Freestyle Taurus X. As we told you in our preview post, the Taurus X loses the Freestyle name but gains the Edge's face. It's a simple act that helps build a familial look for Ford's crossovers. And just like the new Sable and Taurus, it will get the 260-horsepower V6 and additional content like the Microsoft co-developed Ford Sync. Unlike the Sable and Taurus, the X gets three row of seats, one-touch flip-and-fold second-row seating and an available power rear liftgate. All three vehicles will be in dealers by this summer.
At breakfast this morning, Mark Fields helped explain the switch back to the Taurus (and Sable) monikers. "Taurus has been an icon for Ford's family sedan for more than two decades, and it's time to return this powerful name to where it belongs. Consumer awareness of the Taurus name is double the Five Hundred that it's replacing, and awareness of Sable is triple that of Montego." Makes sense to us. The details may have changed, but this remains one handsome wagon/crossover. Sort of an SRX with a Blue Oval. Pretty sexy for this segment, and a good sharp alternative to the Edge's softer silhouette. Read more details about the "new" Taurus X in the full press release after the jump, and check out the gallery here, where you'll see a Taurus X that looks particularly good in all black.
Making both a bold and simple move, Ford's North American boss Mark Fields confirmed this morning what we already knew, that the Taurus and Sable brands will be resurrected for 2008.
Fields, delivering the keynote address at the Chicago Auto Show this morning, said the Ford Five Hundred nameplate will be dropped in favor of the venerable Taurus badge. The Freestyle crossover vehicle will also be renamed the Taurus X, and Mercury Montego will switch to the Sable nameplate. All three vehicle will be introduced to the press later in the day, though we were first introduced to the new "Taurus" in Detroit.
Fields said only four in 10 consumers were aware that Ford offered a vehicle called the Five Hundred. Yet the Taurus nameplate, which was killed last year, had built up 20 years of strong brand recognition and was recognized by 80 percent of shoppers. Fields also said Taurus was Ford's third-best-known brand behind F-Series and Mustang. During the early '90s, the Taurus was America's best-selling car five years running. About seven million Taurus models were sold in 21 years, and Ford estimates nearly 3.5 million are still on the road.
Check out more of our thoughts, a complete transcript of Mark Fields' speech, and VIDEO of him delivering the announcement after the jump.
On 11/15, we reported about the expensive flights on Ford's corporate jet that Mark Fields was taking every weekend from Detroit to his home in Florida. Today, Mr. Fields announced to the workers at Ford that he would forgo the perk, guaranteed to him as a part of his compensation package, and make the weekend flights home on a commercial airline.
Fields has been asked to relocate several times throughout his career at Ford Motor Company, and felt that this arrangement would avoid yet another disruption in the life of his family. He uses the time at home with his family to relax from the brutal schedule he keeps during the week as one of the significant players in the revitalization at Ford. Fields will continue to fly home to Florida on the weekends, but felt that the issue was becoming a distraction to the team and made the decision on his own, with the company's full support. See you on Southwest, Mark!
2010 Nissan Cube breaks cover in Japan
Officially Official: 2010 Ford Mustang!
2010 Ford Mustang revealed early on Ford's own website!
2009 Nissan 370Z rolls out early in So. Cal
VIDEO: 2009 Nissan 370Z revealed early in So. Cal.
In the Autoblog Garage: 2009 HUMMER H3T Alpha
In the Autoblog Garage: 2009 Mercedes Benz C63 AMG
In the Autoblog Garage: 2009 Hyundai Genesis
In the Autoblog Garage: 2009 Chevrolet Traverse LT
