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Ford Motor (F): Mulally To Continue As President, CEO Through At Least 2014

 November 01, 2012 09:40 AM
 


(By Balachander) Ford Motor Co. (NYSE: F) said Alan Mulally is to remain as Ford president and chief executive through at least 2014.

The auto giant appointed Mark Fields as new chief operating officer, effective Dec. 1.

In addition, Ford made several other leadership announcements, also effective Dec. 1, while continuing to deliver the One Ford plan for profitable growth.

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The company named Joe Hinrichs executive vice president and president of The Americas. It appointed Stephen Odell as executive vice president and president of Europe, Middle East and Africa.

Ford also named Jim Farley executive vice president of Global Marketing, Sales and Service and Lincoln.

The company named John Lawler as chairman and CEO of Ford Motor China. David Schoch is named group vice president and president of Asia Pacific.

"Today marks an important next step in the profitable growth of the Ford Motor Company and the appointment of key leaders who will help us continue to make progress on our One Ford plan," said Ford Executive Chairman Bill Ford.

Earlier this week, the company posted flat quarterly earnings, as wider pre-tax loss in Europe offset strong results at North America.

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Pre-tax earnings per share (EPS) increased 18 percent to 40 cents from 34 cents, versus consensus estimate of 30 cents. Net earnings were flat at $1.6 billion. Revenue fell 3 percent to $32.1 billion, while Wall Street analysts projected flat revenue.

For the third consecutive quarter, Ford North America pre-tax earnings exceeded $2 billion, and its operating margin exceeded 10 percent. Ford started North American business unit separately after 2000. Europe suffered a wider pre-tax loss of $468 million from $306 million last year on weak industry volumes and unfavorable dealer stock changes.

The stock, which has been trading in the 52-week range of $8.82 to $13.05, traded 0.90 percent higher at $11.26 on Thursday.

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