Exhibit 20
News
Media Information Center
1.800.665.1515 or
1.313.621.0504
media@ford.com
Go to http://media.ford.com
for news releases and
high-resolution photogrpahs
FORD MOTOR COMPANY ANNOUNCES SENIOR MANAGEMENT CHANGES
DEARBORN, Mich., Oct. 30- The Board of Directors of Ford Motor Company
today announced that William Clay Ford Jr. has been named chief executive
officer and continues as chairman of the board.
Nick Scheele is appointed chief operating officer of the company and
president, Ford Automotive Operations, effective immediately. He also is elected
a member of the board.
Jacques Nasser is retiring from the company, effective immediately. "As
Jacques moves on to new challenges, I want to personally thank him for his hard
work and energy over the past 33 years," Mr. Ford said. "He has made many
significant contributions to our business operations around the world and we all
appreciate his dedication."
Carl Reichardt, retired chairman and chief executive officer of Wells Fargo
and Company, is named vice chairman reporting to Mr. Ford. He also will become
the chairman of the board's Finance Committee. Reichardt has been a member of
Ford's board since 1986.
Martin Inglis, chief financial officer, and Don Winkler, chairman and CEO
of Ford Financial, which includes the company's credit, leasing and rental
operations, will report to Reichardt. John Rintamaki will report to Mr. Ford as
chief of staff.
"Carl brings a wealth of experience from his leadership of Wells Fargo and
he's known Ford Motor Company for the last 15 years as a member of our board,"
Mr. Ford added. "During Carl's tenure as Wells Fargo CEO, the company's stock
rose 1,668%."
-2-
"I am pleased to be able to further contribute to the Ford Motor Company,"
Reichardt said, "especially in meeting the challenges that the company currently
faces." Reichardt joins Ford after 30 years at Wells Fargo. He was named
president of the company in 1978 and chairman and chief executive officer in
1983.
James Padilla is named group vice president, Ford North America, succeeding
and reporting to Scheele.
In his expanded role, Bill Ford will set the company's objectives and focus
on corporate, financial and strategic issues, the overall direction for the
future of the company and strengthening relationships with key business partners
including suppliers, dealers, customers and employees. Scheele will be
responsible for the global automotive business. Padilla will be responsible for
all operations of Ford brand cars and trucks in North America.
"I am both proud and determined to lead the company forward as we face some
difficult challenges," Mr. Ford said. "There is nothing more important to me
than the continued success of the Ford Motor Company. We want to have an even
greater impact on the world in our next 100 years than we did in our last 100."
Mr. Ford has been chairman of the board since Jan. 1, 1999. He joined
the company in 1979 as a product-planning analyst and subsequently held a
variety of positions in manufacturing, sales, marketing, product development and
finance in both the U.S. and Europe. In 1982, he served on the company's
national bargaining team, which launched the employee involvement movement
during the Ford-United Auto Workers labor talks that year. He was executive
director of Business Strategy for the Ford Automotive Group and also served as
general manager of the Climate Control Division in 1992.
He was elected to the company's board of directors in 1988 and elected a
company vice president in 1994 as head of the company's commercial Truck Vehicle
Center.
"Ford Motor Company has many strengths, including great products, strong
brands, outstanding dealers and suppliers, and the best employees in the world,"
Mr. Ford said. "These changes will help us build a stronger company for our
customers, employees and shareholders."
Scheele has been group vice president, Ford North America, since August
2001. Prior to that, he had been president and chairman of Ford of Europe since
1999. In that role, he led the increasingly successful transformation of the
business there.
-3-
Scheele was chairman and CEO of Jaguar Cars from 1992 to 1999. Under his
leadership, sales doubled and product quality and brand image improved
dramatically. He has been with the company since 1966 and has held numerous
positions around the world, including 14 years in North America.
"Nick is a natural leader who has been very successful in leading the
transformations at both Jaguar and in Europe and is well respected and well
liked," said Bill Ford. "Nick's experience will be needed to lead the company in
its primary mission of building great cars and trucks for our customers."
"The company has many strengths and I am looking forward to working with
the team to chart the course for the coming years," Scheele said. "We need to
focus on building great products, delivering great returns to our shareholders
and making Ford a great place to work. We need to focus on the basics of the
automotive business."
Ford Motor Company is the world's second largest automaker, selling
vehicles in 200 markets and with approximately 345,000 employees on six
continents. Its automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo. Its automotive-related services
include Ford Credit, Hertz and Quality Care.
# # #