Ford CFO Booth to retire, CEO Mulally staying put

Chief Financial Officer Lewis Booth, global product development chief Derrick Kuzak both will retire April 1.

By Guy Gordon - Reporter/Anchor
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DETROIT - Ford says two top executives who played major roles in its comeback are retiring and the company is adding a former Presidential candidate to its board.

Chief Financial Officer Lewis Booth and global product development chief Derrick Kuzak both will retire April 1.

IMAGES: Faces of Ford leadership

READ: Ford statement on changes

But CEO Alan Mulally says he has no plans to leave. He quickly named Controller Bob Shanks to replace Booth. Engineering chief Raj Nair will replace Kuzak.

Mulally -- who is 66 years old -- says Ford has a succession plan for every management position.

Booth led Ford Motor Co.'s financial operations through the banking crisis in 2008 and helped the company repay much of its debt. Kuzak is credited with shifting Ford's focus from trucks to cars and leading a move to design cars that are sold in every global market.

In a separate announcement, Ford revealed former GOP presidential candidate and Utah Gov. Jon Huntsman will immediately join Ford's board.  Before his presidential campaign, Huntsman was President Obama's Ambassador to China.  He brings his Asian expertise and insights on global trade to Ford as it looks to expand its presence in the fast-growing market. "Jon understands the importance of strengthening the country's manufacturing base, which will contribute to our success going forward," said Executive Chairman Bill Ford Jr.

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