Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Thursday, August 23, 2007 Mulally's track record as Ford's CEO Changes in Alan Mulally's first year running Ford: Sept. 5, 2006: Ford Motor Co. Chairman and Chief Executive Bill Ford hires Boeing Co. executive Alan Mulally as Chief Executive and President. Ford stays on as executive chairman. Sept. 15, 2006: Ford announces another round of restructuring by cutting 10,000 additional salaried jobs, offering buyouts to all 75,000 U.S. hourly workers and shutting down two more plants. The new cuts bring the total number of plant closures to 16. Mulally says the company needs to shrink as demand for its products falls. Oct. 23, 2006: Ford announces third-quarter loss of $5.8 billion, weighed down by restructuring costs. Dec. 15, 2007: Ford finalizes a $23.4 billion financing package, secured by the company's assets, to fuel its restructuring and cover expected losses during the next two years. Jan. 25, 2007: Ford posts what ends up being a $12.6 billion loss for 2006, the worst year in company history. Feb. 6, 2007: At Mulally's insistence, Ford revives the storied Taurus name by renaming a spruced-up version of the Five Hundred. March 12, 2007: Ford sells iconic sports car maker Aston Martin. April 26, 2007: Ford posts first-quarter net loss of $282 million, a vast improvement over the $1.4 billion it lost in the first quarter of 2006. May 10, 2007: Mulally tells shareholders at the annual meeting that the turnaround plan is making progress. July 19, 2007: Ford takes undisclosed number of opening bids for its Jaguar and Land Rover units. July 26, 2007: Ford surprises Wall Street by posting a $750 million second-quarter profit, its first quarterly profit in two years. But the company still is losing money in North America and Mulally warns of tough times in the second half. Company also confirms it is reviewing Volvo unit for possible sale. Sept. 5, 2007: Mulally's first anniversary with Ford.:

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