Ford Motor Company today ousted chief executive Jacques Nasser, replacing him with William Clay Ford Jr., the great-grandson of founder Henry Ford.

The change at the helm of the car and truck manufacturer marks the first time a Ford family member has been in charge of day-to-day operations of the company since 1979 when Henry Ford II stepped down.
Ford first joined the company in 1979. He was elected to the company's board of directors in 1988 and elected a company vice president in 1994 as head of the company's commercial Truck Vehicle Center. He has been Chairman of the Board since January 1999.
Other changes announced by the car and truck maker include the elevation of North American group vice president Nick Scheele to chief operating officer. He’s being succeeded by Jim Padilla, group vice president for manufacturing and quality. Carl Reichardt, retired chairman and CEO of Wells Fargo and Company, has been named vice chairman reporting to Ford Jr.. He also will become the chairman of the board’s Finance Committee. Martin Inglis, chief financial officer, and Don Winkler, chairman and CEO of Ford Financial, will report to Reichardt. John Rintamaki will report to Ford as chief of staff. Jason Vines, vice president of communications, is being let go.
The decision to replace Nasser, who according to a Ford news release is “retiring from the company,” comes as little surprise. The company has had to deal with slowing sales and fallout over the Firestone tire/Ford Explorer situation. In the third quarter of the year Ford reported losses of $692 million, compared to an $888 million profit reported a year earlier.
Three months ago, the company formed an Office of the Chairman and CEO, with Ford Jr. sharing the office with Nasser.