DEARBORN, Mich. -

With a former presidential candidate coming onto the board of directors and the automaker’s chief financial officer, as well as its top product development executive announcing their retirements, Thursday marked a busy personnel day at Ford.

First, the Blue Oval said that executive vice president and chief financial officer Lewis Booth and Derrick Kuzak, group vice president of global product development, elected to retire effective April 1. Each served the automaker for more than 30 years.

Booth will be succeeded by Bob Shanks, who is currently vice president and controller. Kuzak will be succeeded by Raj Nair, who is currently vice president of engineering within Ford’s global product development.

Ford indicated Shanks and Nair will assume their new positions April 1.

In addition to these changes, the OEM revealed these executive moves also effective April 1:

—Stuart Rowley, currently chief financial officer for Ford of Europe, has been elected a company officer and will succeed Shanks as vice president and controller.

—Hau Thai-Tang, currently executive director of global product programs, has been tapped as a company officer and will succeed Nair as vice president of engineering within global product development.

“Lewis Booth and Derrick Kuzak represent the very best of Ford and our culture and built a legacy of leadership, integrity and commitment to excellence that will benefit us for years to come,” stated Bill Ford, Ford’s executive chairman.

“Lewis and Derrick were absolutely integral to the comeback of Ford and they are retiring with our deepest respect and gratitude,” Ford continued.

More on Changes in Ford’s Finance Department

The Blue Oval recapped that Booth, a native of Liverpool, England, who was trained as both an accountant and engineer, 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, Ford recalled that Booth returned to Dearborn as the company’s chief financial officer.

Under his leadership, executives recapped that their treasury and finance teams executed a series of complex moves to shore up Ford’s liquidity and reduce debt.

Over the last three years, Ford has significantly strengthened its balance sheet, improving its net cash level by $20 billion. The company also has seen its credit rating improve six notches to one level below investment grade. In addition, the dividend is being restored and the company has begun derisking the pension plans.

“Lewis brought to his role as chief financial officer a unique blend of financial and operational experience,” noted Alan Mulally, Ford president and chief executive officer.

“He has helped fully implement the One Ford plan by supporting a fully-funded product plan and delivering a profitably growing Ford for the good of all of us,” Mulally continued.

Booth began his career with Ford in 1978 as a financial analyst in product development for Ford of Europe. Since that time, the OEM pointed out he has been known not only for his financial and operational expertise but also for his passion for people and products.

“During my 34 years at Ford, I’ve had the opportunity to lead the company’s operations on three continents, as well as head up our talented finance team,” Booth reflected.

“It’s been an incredibly rewarding journey,” he continued. “I’m honored to have had the privilege to play a key role in the company’s turnaround and to have worked with outstanding people in the Ford team around the world.”

In his new role, Ford explained 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 Mulally.

“Bob is a terrific leader,” Mulally stressed. “He has been a wonderful partner to the leadership team in the implementation and institutionalization of the One Ford plan. His deep experience in finance, combined with his global perspective will allow us to continue to deliver an exciting profitably growing Ford.”

Since joining Ford as an accounts receivable analyst in 1977, Shanks has held a variety of leadership positions including serving as controller for The Americas, head of operations support, finance and strategy for Ford of Europe and Premier Automotive Group, chief financial officer for PAG and chief financial officer for Mazda Motor Corp.

In addition to other finance positions within Mazda, North America and South America, Shanks led the finance function in Taiwan’s Ford Lio Ho Motor Co. and business development activities in Ford’s Asia-Pacific operations.

The OEM also highlighted Rowley joined Ford in 1990 as a financial analyst for Ford of Britain and has served as the CFO and vice president of strategic planning of Ford Europe since August 2010.

Previously, Rowley was CFO and senior vice president of Volvo Car Corp. and vice president of finance for Ford Australia in addition to finance management positions in the Philippines, North America and Europe.

Background of Ford’s Product Development Changes

The Blue Oval highlighted Kuzak, a native of Michigan, led the creation of the One Ford global product cycle plan, defining the company’s vehicle DNA for Ford and Lincoln, transforming Ford’s global product development system, leading platform consolidation across key global vehicle segments and driving the company’s fuel efficiency, technology and quality leadership to unprecedented heights.

“Derrick’s commitment to product excellence and continuous improvement has allowed Ford to deliver to our customers the industry’s freshest showroom with a complete family of best-in-class products,” Mulally emphasized.

“At the same time, he prioritized the development of the next generation of talented, experienced product leaders who will continue to deliver for our global customers,” Mulally added.

Kuzak was appointed to his current role in December 2006. Before serving as global product development chief, Kuzak held a variety of leadership positions in Europe and the Americas.

Kuzak started his career with Ford in 1978 as a research engineer. In 2010, Kuzak also was elected a member of the National Academy of Engineering, the highest and most prestigious award in the engineering community.

“It has been an honor to work with so many talented men and women to develop for customers so many meaningful vehicles during the past 33 years,” Kuzak commented.

“The most rewarding accomplishment is to see all of our teams working together around the world to deliver vehicles in each region that are now consistently great to look at, great to sit in and fun to drive — with bold, emotive designs and fuel economy as a reason to buy,” he continued.

In his new role, the automaker noted Nair will assume direct responsibility for all aspects of Ford’s product development system and report to Mulally.
As Kuzak did before him, the Blue Oval mentioned Nair also will report to Mark Fields, executive vice president of the company and president of The Americas for North American product development.

“Raj is the right leader to build on what has been accomplished to date,” Mulally declared. “He understands the potential of moving to global platforms with our One Ford plan and he is committed to continuing to serve the world’s customers with best-in-class cars and trucks. In addition, Raj understands how to lead skilled and motivated professionals and further encourage working together around the world.”

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, executive director of commodity business planning, executive director of North American product development and director of new model programs for advanced and manufacturing engineering.
Nair was named the recipient of the 2007 Kettering Alumni Achievement Award in engineering.

OEM officials also pointed out Thai-Tang joined Ford in 1988 as a college graduate trainee. In addition to serving in his current role since January, Thai-Tang previously served as the director of product development for Ford South America as well as the director of advanced product creation and special vehicle teams (SVT).

Prior to that, Ford indicated Thai-Tang was the chief nameplate engineer for the Ford Mustang. His Ford experience also includes an assignment in Germany, as well as working with Ford Racing as part of the company’s CART program.

New Ford Board Member

In other company news that came out Thursday, Ford announced the election of Jon Huntsman to the company’s board of directors effective immediately.

Huntsman is chairman of the Huntsman Cancer Foundation, a Utah-based cancer charity.  The former Republican candidate for president of the United States has served in numerous public and private positions around the world, most recently as the United States ambassador to China.

“Jon brings to Ford’s board of directors extensive global knowledge and experience — particularly in Asia with trade issues — and operational experience gained as governor of Utah, a state that has grown jobs even during the economic crisis,” said Ford executive chairman Bill Ford.

“Jon understands the importance of strengthening the country’s manufacturing base, which will contribute to our success going forward,” Ford added

Huntsman was twice elected governor of Utah, serving from 2005 to 2009. His public service career began as a White House staff assistant to President Reagan and has since included appointments as deputy assistant secretary of commerce for Asia, U.S. ambassador to Singapore and deputy U.S. trade representative. 

Huntsman also is a founding director of the Pacific Council on International Policy and has served on various boards such as the Brookings Institute Asia Policy Board, the Center for Strategic and International Studies Pacific Forum, the Asia Society in New York and the National Bureau of Asian Research.