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
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.
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 gra
Crystal ball time. Ford CFO Don Leclair has reiterated that the North American automotive operations will be profitable in 2009, even if only slightly. In Ford's announcement today, Leclair showed a chart that one analyst said displayed a "thin sliver of profits." Peter Nesvold of Bear Stearns estimated the 2009 profit from the chart at around $250 million. After Ford's North American loss of $3.3 billion, any profit is a good one.