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Ford says President and COO Jim Padilla will retire in July+(Japan Economic Newswire Via Thomson Dialog NewsEdge)NEW YORK, April 6_(Kyodo) _ Ford Motor Co. said Thursday that President and Chief Operating Officer James Padilla will retire on July 1. The automaker said in a statement posted on its website that Chairman and Chief Executive Officer Bill Ford "will assume Padilla's responsibilities through the chairing of a new Executive Operating Committee composed of the company's executive vice presidents." Padilla's retirement plans cap a 40-year career and include his decision not to stand for reelection to the company's board of directors at the annual meeting in May, it said. On a global basis, Ford posted $2 billion in profits in 2005. The carmaker, however, lost $1.6 billion in its North American operations. The struggling carmaker has unveiled a restructuring plan, called "the Way Forward," which calls for, among other things, slashing 30,000 jobs and shutting down 10 plants through 2012. On Wednesday, Bill Ford said he is confident the company will be able to overcome its financial issues, noting it has $25 billion in cash on hand. "I'm grateful for the 40 years of service Jim Padilla has given to Ford Motor Company. They reflect the commitment and dedication that make Ford people so special in our industry," Ford said. "The legacy of Jim's impassioned leadership will be his tireless pursuit of excellence, his inspired championing of workplace diversity and the mentoring he practiced that paved the way for so many of our senior executives leading Ford today." Padilla joined Ford in 1966 as a quality control engineer. From 1996 through 1998, he was president of Ford South America Operations, where he was responsible for restructuring the company's operations after the breakup of Autolatina, a joint venture with Volkswagen AG. He was appointed chief operating officer and chairman of Automotive Operations in April 2004. He joined the board of directors and became the company's president and chief operating officer in February 2005. |