Ford Motor (F) Executive Shuffle Shakes Shares 1% in $12 Range Today
Ford Motor (NYSE:F) shares have risen over 18% in 2012. Investors have been much more optimistic about the auto industry and a continued economic recovery. Here’s the latest news you need to know out of Ford Motor:
Ford Motor Company (NYSE:F) announced that Lewis Booth, EVP and CFO, and Derrick Kuzak, group VP, Global Product Development, have elected to retire effective April 1. Booth will be succeeded by Bob Shanks, who is currently VP and Controller. Kuzak will be succeeded by Raj Nair, who is currently VP, Engineering, Global Product Development. Shanks and Nair assume their new positions April 1. Ford also named Jon Huntsman to their board of directors today.
Ford (NYSE:F) is recalling more than 13,239 2011-2012 F-53 and F-59 stripped chassis that were built at its Detroit Chassis Plant. The “PRNDL” indicator cable may break at the attachment to the transmission control assembly mounted on the steering column. Ford said that it is not aware of any crashes or injuries related to the issue.
Ford (NYSE:F) has announced it will put $1B in bonds back by loans to car dealers on the market, according to an inside source and reported in Bloomberg.
Nuri Otay, the CEO of Ford’s (NYSE:F) Turkish unit, Ford Otomotiv Sanayi, has died following a heart attack, Bloomberg reports.
Though Ford (NYSE:F) examined a possible joint bid with Raytheon and Future Force, the automaker has decided not to participate in a new Pentagon competition to replace the military’s fleet of Humvee vehicles, Reuters reports. Navistar and Oshkosh have expressed interest in the contest, as have BAE Systems, Lockheed Martin and General Dynamics.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com