Buy Cheap Ford Motor Company: The Greatest Corporate Turnaround In U.S. History
With the survivability of Ford in serious doubt, William Clay Ford, Jr. dismissed himself as CEO of Ford Motor Company in September 2006 and appointed Boeing engineer Alan R. Mulally as President and CEO. When Mr. Mulally joined Ford, the company had reached a state it had not experienced since the late 1920s and 1945. A shake-up was urgently required; it was not an assignment for the faint of heart because of Ford's: declining profits, uncompetitive cost structure, poor product quality, unattractive cars, unhappy dealers, dissatisfied suppliers and Ford's factories lagged behind competition. Clearly, Mr. Mulally was confronted with "Mission Impossible." Mr. Ford and Mr. Mulally bet the farm in December 2006 with a, hey, buddy, can you spare a dime--a $23.5 billion home equity loan--an all or nothing historic gamble. This one action literally saved Ford because it allowed the company to develop its most competitive product line-up in history, including the long neglected small car segment. Concurrently, Mr. Mulally, who is truly a frontline leader in the battle of survival: reorganized Ford's organization structure and radically changed Ford's culture, focusing on one brand by selling the luxury brands, closed many assembly plants and discharged tens of thousands of employees. This helped to dramatically reduce the breakeven point. He reached an agreement with the UAW to improve Ford labor cost structure although it is still uncompetitive. America is witnessing one of the most remarkable corporate turnarounds in U.S. history. Ford is the new "Wunderkind" of the worldwide automotive industry. Ford's approach is a textbook case study how to reinvent a giant company. Under Mr. Mulally, all elements of the company were transformed such as: production capacity has been reduced by 40%, the break-even level has declined by about 45%, hourly manpower reduced by 40%, product quality improved dramatically, the balance sheet has been strengthened and employee morale is sky high. Today, Mr. Mulally is celebrated as a game-changer. It is one of the few "feel good" American business stories in recent years without begging Uncle Sam for bailout money. The book includes management lessons learned which can be applied in any industry. Importantly, the book includes a detailed description how Mr. Mulally accomplished his goals.
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