Automaker Ford Motor Co. (F) said Thursday that two of its top executives - Chief Financial Officer Lewis Booth and global product development chief Derrick Kuzak - will retire on April 1.
Booth will be succeeded by Bob Shanks, currently vice president and controller, while Kuzak will be succeeded by Raj Nair, currently vice president, engineering, Global Product Development. Ford also named Jon Huntsman, former U.S. Ambassador to China, to the company's board of directors.
Booth and Kuzak were seen as potential candidates to eventually succeed Ford's Chief Executive Officer Alan Mulally.
Booth, aged 63, currently executive vice president and CFO, is a native of England, who was trained as both an accountant and engineer. He began his career with Ford in 1978 as a financial analyst in Product Development for Ford of Europe. He rose up through the company in a series of financial and operational jobs, including working in Ford's product development, manufacturing and vehicle operations departments in North America.
Booth went on to lead operations for Ford in South Africa and Mazda before being tapped to head Ford of Europe and the Premier Automotive Group, Ford's former family of European premium brands. In late 2008, a week after the collapse of Lehman Brothers triggered a financial crisis, Booth returned to Dearborn as Ford's CFO.
Kuzak, aged 60, was appointed to his current role as group vice president of global product development in December 2006. Prior to that, he served in a variety of leadership positions in Europe and the Americas. Kuzak began his career with Ford in 1978 as a research engineer.
Ford's new CFO, Shanks, will assume direct responsibility for the company's financial operations, including the Controller's Office, Treasury and Ford Motor Credit Co. He will report to CEO Mulally.
Shanks, aged 59, joined Ford as an accounts receivable analyst in 1977 and has held a variety of leadership positions, including serving as Controller for The Americas, chief financial officer for PAG, and chief financial officer for Mazda Motor Corp.
The new chief of global product development, Nair, 47, will assume direct responsibility for all aspects of Ford's product development system. He will report to Mulally as well as to Mark Fields, executive vice president of the company and president of The Americas for North American product development.
Since joining Ford as a Body and Assembly launch engineer in 1987, Nair has held a variety of leadership positions in Europe, Asia Pacific Africa and The Americas, including vice president of operations for Ford's Asia Pacific and Africa region.
Ford also announced other executive changes, effective April 1. Stuart Rowley, currently chief financial officer, Ford of Europe, has been elected as a company officer and will succeed Shanks as vice president and Controller.
Further, Hau Thai-Tang, currently executive director, Global Product Programs, has been elected as a company officer and will succeed Nair as vice president, Engineering, Global Product Development.
Separately, Ford announced the election of Jon Huntsman Jr. to the company's board of directors effective immediately. Huntsman, 51, is chairman of the Huntsman Cancer Foundation, a Utah-based cancer charity.
Huntsman, a former Republican candidate for president of the United States, has served in numerous public and private positions around the world, most recently as the U.S. Ambassador to China.
In Thursday's regular session, F is trading at $12.78, down $0.06 or 0.48 percent on a volume of 6.64 million shares.
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