Ford Executives To Retire, CEO Mulally Staying Put

By: Associated Press
By: Associated Press

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Thursday, February 9, 2012

Ford says two top executives who helped lead its comeback are retiring.

Chief Financial Officer Lewis Booth and global product development chief Derrick Kuzak both will retire April 1.

But CEO Alan Mulally says he has no plans to leave. He quickly named Controller Bob Shanks to replace Booth. Engineering chief Raj Nair will replace Kuzak.

Mulally — who is 66 years old — says Ford has a succession plan for every management position.

Booth led Ford Motor Co.'s financial operations through the banking crisis in 2008 and helped the company repay much of its debt. Kuzak is credited with shifting Ford's focus from trucks to cars and leading a move to design cars that are sold in every global market.

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