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Tag Archives: lewis booth
Ford Motor CFO Booth, Global P.D. Head Kuzak to Retire
Ford Motor Company announced today that Lewis Booth, 63, executive vice president and chief financial officer, and Derrick Kuzak, 60, group vice president, Global Product Development, will retire on 1 April. Both of these key executives served the Number Two U.S. automaker for more than 30 years. Booth had wanted to retire for years but stayed on out of loyalty. Kuzak came as a surprise.
These senior executive changes are unfortunate in timing as both the highly compensated Booth and Kuzak did yeoman’s work in trying to right a still troubled company that recently is showing signs of returning to competitive health.
In late 2008, a week after the collapse of Lehman Brothers triggered a worldwide financial crisis and the ongoing Great Recession, Booth returned from heading Ford of Europe to Dearborn as Ford’s chief financial officer where management was struggling with the dire cumulative effects of years of losses, declining sales, heavy debt loads and unfunded pension liabilities – the same issues Booth was grappling with in Europe. Prior to that Booth headed Mazda in Hiroshima. Ironically, it was Booth as Ford’s CFO who was forced to sell Ford’s controlling interest in the feisty Japanese company for badly needed cash. Continue reading
Posted in auto news, news analysis, people
Tagged auto executives, auto informed, autoinformed.com, automotive news, derrick kuzak, ford motor, Ken Zino, lewis booth
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Ford Family and Other Shareholders to Receive Dividends
Ford still remains heavily in debt – at $12.7 billion. However, Ford decreased automotive debt by $1.3 billion in the third quarter of this year, including payment of the remaining $1.8 billion balance of secured Term Loan debt, which was offset partially by an increase in controversial taxpayer-subsidized low-cost loans from the Department of Energy to support advanced technology under the guise of retooling existing plants. Continue reading
Ford Reduces Debt With Successful Conversion Offers
Ford Motor Company (NYSE: F) announced today the results of conversion offers of bonds for stock that will reduce the company’s Automotive debt by more than $1.9 billion, lowering annualized interest costs by about $180 million. “These successful conversion offers represent another significant step toward our goal of reducing our Automotive debt and improving our balance sheet,” said Lewis Booth, Ford executive vice president and chief financial officer.
However, Ford is still listed as below investment grade by the rating agencies such as Moody’s Investors Service (Ba2) and Standard & Poor’s B+. Both junk ratings raise borrowing costs and limit large funds from buying Ford bonds. Ford lost its investment grade rating in 2005. Continue reading
