Business

Pair of Ford execs to retire, Huntsman to join board

DEARBORN, Mich. — Ford announced Thursday the retirement of Lewis Booth, its chief financial officer, as well as global products chief Derrick Kuzak.

Dearborn, Mich.-based Ford also unveiled the appointment of former Republican presidential candidate Jon Huntsman Jr. to its board of directors.

Booth, 63, plans to retire on April 1 after 34 years with the company, paving the way for Bob Shanks, currently vice president and controller, to take over.

Booth helped guide Ford out of a huge debt hole and shore up its liquidity, enabling the company to receive stronger credit ratings and avoid a bankruptcy filing during the deep recession. Ford said its balance sheet has improved on a net cash basis by $20 billion over the last three years.

Before joining Ford in 1978, Booth led the automaker’s European and Japanese divisions. The retirement of Booth had been anticipated as it was signaled in an article in The Wall Street Journal last month.

Kuzak, who has been with Ford for 33 years, will also step down on April 1. He will be succeeded by Raj Nair, the company’s vice president of engineering and global product development.

Meanwhile, Ford tapped Huntsman, the former Republican governor of Utah and US Ambassador to China, to join its board.

The move comes after Huntsman bowed out of the GOP presidential race, failing to gain traction in the contest.

“Jon brings to Ford’s board of directors extensive global knowledge and experience — particularly in Asia with trade issues — and operational experience gained as governor of Utah, a state that has grown jobs even during the economic crisis,” Bill Ford said.

Shares of Ford started the day flat, trading off just 0.08 percent to $12.83. The company’s stock has soared almost 20 percent so far this year.

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