Two Major Ford Execs Retiring

[Stocks-to-Watch]

Two Ford (F) executives who were important architects of the company’s turnaround will retire from the company on April 1, Ford announced today. CFO Lewis Booth and Derrick Kuzak, who headed up global product development, will be replaced by Controller Bob Shanks and VP Raj Nair respectively. Both Booth and Kuzak had worked at the company for more than 30 years.

Booth was leading operations in Europe when Lehman Brothers collapsed and he was called back to the U.S. to become CFO. He successfully navigated Ford’s debt problems, which have been significantly reduced during his tenure. Kuzak led the One Ford product development plan, which has helped the company’s production system become much more efficient.

CEO Alan Mulally says he doesn’t have plans to leave, although the company is also reportedly preparing for his departure.

Ford also appointed Jon Huntsman, former governor of Utah and presidential candidate, to its board.

Ford shares slid 0.5% in morning trading.



Original Article Source by Barrons.com