The last time that a member of the Ford family was promoted to become a member of its senior ranks was almost 20 years ago. Ford Motor Co. has recently announced that 46-year-old Elena Ford, the great-great-granddaughter of founder Henry Ford, will be getting a promotion to a newly created senior executive position.
She will head a new group responsible for improving global dealer standards. The promotion takes effect March 1. This would mean that there would then be two Ford family members who are corporate officers. The other one is Executive Chairman Bill Ford. A total of 40% of the vote is controlled by Ford family members who own the Class B shares.
It was in 1994 that a Ford heir was given a top role. This was when Bill Ford was appointed as the head of the commercial truck division. For the last four years, Elena Ford had served as the marketing global director. She reported to Ford's head of global marketing Jim Farley. But even in this new job, Farley will still be her direct superior.
Ford has also announced that starting March 1, Ray Day will be promoted to group vice president of communications. It’s worth noting that Ford was able to survive the financial crisis due mainly to the Ford family’s faith in the turnaround strategy of CEO Alan Mulally. Ford presently faces several challenges, which include the continual weakness in Europe, its attempt to increase its market share in China, and its goal to overhaul its Lincoln brand.