 Ford Ousts CEO Jacques Nasser Tuesday October 30th, 2001 Ford Motor Co. has ousted President and Chief Executive Jacques Nasser after more than a year of mounting troubles at the world's second largest automaker and will replace him with Chairman William Clay Ford Jr., a source said Monday. The move follows reports of serious rifts between Nasser and Bill Ford, great grandson of founder Henry Ford, and comes shortly after the company - reeling from the protracted Firestone tire crisis and a string of quality glitches - reported its first quarterly loss in nearly a decade. 53-year old Nasser was the driving force behind Jaguar's entry in Formula One at the start of the 2000 season, and the future of the Milton Keynes team could now be in doubt following Nasser's exit. Since August last year, Nasser had presided over a company mired in the Firestone tire crisis. Ford has earmarked $2.6 billion to pay for recalling 19.5 million tires, which have been linked to hundreds of deaths and injuries in Ford vehicles on U.S. highways. Ford's profits have also been hit with nagging product quality and recall problems, coupled with employee and consumer lawsuits and increased competition at home and abroad.
Published at 10:07:55 GMT
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