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Head of Ford says year was tough but changes are on track.(Knight Ridder Newspapers)
When William Clay Ford Jr. took over day-to-day control of Ford Motor Co. almost a year ago, the automaker was losing money _ $5 billion in the final three months of the year. As chairman and now chief executive officer, Ford directed the creation of a plan to cut $9 billion a year in costs by mid-decade.
Ford says the automaker is making good progress. Everything he promised to do is being done. The company is making money again _ something he didn't promise would happen until next year. Yet investors and Wall Street experts remain skeptical. Ford is frustrated that the company's stock has fallen 45 percent since he became CEO. In a wide-ranging discussion with the Free Press, Ford talked about that, and more.
Q. Your first year as CEO. Take an adjective to describe it.
A. Tough.
Q. Tougher than you thought?
A. No. I knew it was going to be tough. I knew that when we came in in November, the issues that were facing this company were many and large. And I expected this to be a difficult year. In fact, I'm very encouraged with how it's gone. But it has been tough.
Q. What one thing ... has been most frustrating?
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Source: HighBeam Research, Head of Ford says year was tough but changes are on track.(Knight...