Ford boss steps aside for Boeing high-flyer

Bill Ford, who struggled for five years to steer Ford Motor Company towards financial stability, is stepping down as chief executive and is being replaced by Alan Mulally, a top executive from aircraft manufacturer Boeing.

Ford, part of the founding family at the car giant, will remain as chairman, however, according to last night’s surprise announcement.

Mulally, previously executive vice-president of Boeing and president and CEO of Boeing Commercial Airplanes, has also been named president at Ford.

Mulally, 61, was widely praised for being a key architect of the resurgence of Boeing’s commercial aircraft unit over the past couple of years.

He was a top candidate for the Boeing CEO job last year but the company went outside instead to select aerospace veteran Jim McNerney, then the 3M Co chief executive.

In announcing Mulally’s appointment to Ford employees, Bill Ford said in an email that Ford’s turnaround effort “required the additional skills of an executive who has led a major manufacturing enterprise through such challenges before”.

Mulally, who has spent 37 years at Boeing, said he looked forward to applying lessons learned at Boeing to Ford.

“I also recognise that Ford has a strong foundation upon which we can build. The company’s long tradition of innovation, developing new markets and creating iconic vehicles that represent customer values is a great advantage that we can leverage for our future,” he said in a statement.