Motor Co. Chief Financial Officer Don Leclair will retire Nov. 1 after a 32-career with the auto maker.
Leclair, 56, will be succeeded by Lewis Booth, executive vice president ofand chairman of Volvo Car Corp.
“Don’s expertise and business acumen have been invaluable to Ford,” CEO Alan Mulally says in a statement. “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.”
Ford says Leclair will work with Booth in the coming weeks to ensure a smooth transition.
“Lewis Booth is one of the strongest and most experience leaders within Ford and the auto industry,” Mulally says. “He was instrumental in the transformation of(Motor Corp.) 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.”
Booth, 59, has served in numerous capacities since joining Ford in 1978, including leadership positions at Ford of Europe, Ford Asia Pacific, Ford South Africa and.
Succeeding Booth will be Ford of Europe President and CEO John Fleming, who Mulally calls a “proven executive.
“Under John’s leadership, Ford of Europe has grown its sales and profitability,” Mulally says. “I have every confidence he will continue to lead Ford of Europe and now Volvo to even stronger success in the future.”
Ford in recent days has seen its stock prices deteriorate under financial pressures due to the global economic crisis. The auto maker did see its stock prices rebound today slightly, with shares trading at $2.17, up $0.09 or 4.3%, after closing at $2.08 yesterday.