CFO Lewis Booth and Product Development Chief Derrick Kuzak are retiring. Their replacements are Ford veterans with strong track records. Controller Bob Shanks (34 years at Ford) moves up to CFO and VP of Engineering Raj Nair (25 years at Ford) is promoted to President of Global Product Development.
In announcing the changes Ford also said former Utah Governor and GOP president hopeful, Jon Huntsman is joining the automaker's board of directors.
Booth and Kuzak were huge players in Ford's turnaround.
Booth was key in spinning off Jaguar, Land Rover and Aston Martin while also steering Ford's balance sheet back to solid footing.
Kuzak gave Ford's line-up a progressive look and continuity in a line-up that used to be weak outside of trucks and SUV's.
Remember when Ford cars were a joke? That's no longer the case.
Can Mulally steer Ford through these changes with any hiccups? There's no reason to think he won't make it a smooth transition. Ever since he took over as CEO, Mulally has made developing a deep management bench at Ford a priority.
Of course, the focus for outsiders is on Mulally and how long he stays at Ford. In announcing the changes he said, "I have no plans to retire."
Welcome words for Ford investors hoping Mulally's success continues for years to come. .
Click on Ticker to Track Corporate News:
- General Motors
- Ford Motor
- Toyota Motor
- Honda Motor
___________________________ Questions? Comments?BehindTheWheel@cnbc.comand Follow me on Twitter