Alan Mulally, CEO and architect of Ford Motor Co.'s turnaround
2011 IW Manufacturing Hall of Fame Inductee
When Alan Mulally took over as president and CEO of Ford Motor Co. in September 2006, he was the right man at the right time for the ailing automaker.
With a focus on communication, collaboration and accountability, the former Boeing executive has led Ford from the brink of bankruptcy to profitability and has positioned the automaker for global growth.
"It's a fantastic story," says Gerhard Geyer, a former Ford executive and author of "Ford Motor Company: The Greatest Corporate Turnaround in U.S. History." "Here's a man who knew nothing about the auto industry ... coming into a new industry and with virtually the same team that his predecessor had, and he changed the culture and established Ford as one of the more dynamic companies in the world," Geyer says.
Soon after taking the helm at Ford, Mulally unveiled a transformation plan aiming to streamline the company's disjointed global operations, bolster its balance sheet, simplify its brand structure, reduce labor costs and match capacity to demand, among other objectives.
One of Mulally's first and most notable actions was to borrow $23.5 billion against Ford domestic assets in December 2006, which provided Ford the liquidity to pass on government bailout funds when the automotive market went into a tailspin -- and made Mulally a hero.
Mulally, though, says he is proudest of the strides that the automaker has made in building "a complete family of Ford vehicles."
Mulally also points to Ford's strengthening business fundamentals.
"We're really creating a strong business," Mulally says. "We've been growing. We've paid back the money that we borrowed. We're investing for the future -- we're going to add 12,000 jobs in the United States over the next couple of years, and they're great jobs, great careers."
