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Bill Ford Resigns!

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To be honest, we hadn’t even got around to reading Newsweek’s interview with Ford Motor Company CEO Bill Ford. We figured it was the usual pabulum chief executives serve up. Even the much heralded news that he would step down as CEO if someone better came along struck as fiduciary duty happy talk—he’s also on the board of directors so he arguably has an obligation to step down if it’s in the interest of shareholders. Saying it just confirms that he’s not telling people he’s a crook. Doesn’t mean a thing, we thought.
But it looks like he really did mean it. Bloomberg is reporting that Ford has resigned as CEO. He’s holding on to his position as executive chairman of the board of directors. We didn’t think anything would top the Freston ouster as blockbuster business story of the day but this sure does (and we bet Newsweek is totally pissed that their big interview just got superseded by the resignation).
Ford Chief Bill Ford Jr. Steps Downs as Chief Executive [Bloomberg]