SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report September 11, 1998
------------------
(Date of earliest event reported)
FORD MOTOR COMPANY
------------------
(Exact name of registrant as specified in its charter)
Delaware
--------
(State or other jurisdiction of incorporation)
1-3950 38-0549190
------ ----------
(Commission File Number) (IRS Employer Identification No.)
The American Road, Dearborn, Michigan 48121
-------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
------------
<PAGE>
-2-
Item 5. Other Events.
- ---------------------
News release dated September 11, 1998, filed as Exhibit 20 to this Current
Report on Form 8-K, is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
- ---------------------------------------------------------------------------
EXHIBITS
--------
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 20 News release dated Filed with this Report
September 11, 1998
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized on the date indicated.
FORD MOTOR COMPANY
------------------
(Registrant)
Date: September 11, 1998 By/s/Peter Sherry, Jr.
--------------------
Peter Sherry, Jr.
Assistant Secretary
<PAGE>
-3-
EXHIBIT INDEX
-------------
DESIGNATION DESCRIPTION PAGE
- ----------- ----------- ----
Exhibit 20 News release dated
September 11, 1998
<PAGE>
FORD NEWS
Global News Bureau, The American Road, Dearborn, MI 48121
Telephone: (313) 322-9600; Fax: (313) 845-0570
Internet: http://media.ford.com
Contact: Ian Slater 1-313-322-9600
Roseanne Cerra (Broadcast)
Francine Romine-MacBride
Jim Cain
FORD'S ALEX TROTMAN TO RETIRE JAN. 1, 1999;
WILLIAM CLAY FORD, JR., ELECTED CHAIRMAN OF THE BOARD; JAC NASSER ELECTED
PRESIDENT AND CEO
THIS IS THE TIME FOR THE NEXT GENERATION TO LEAD US INTO THE 21ST CENTURY,
SAYS TROTMAN
DEARBORN, Mich., (Sept. 11) - Alex Trotman, Ford Motor Company chairman,
president and chief executive officer, has announced that he will retire on
Jan. 1, 1999, after 43 years with the company. Trotman, 65, has been chairman,
president and chief executive officer since Nov. 1, 1993.
"We have made tremendous progress with our globalization plans and with the
overall improvements in the performance of the company since we embarked upon
Ford 2000. So, I have advised the Board that we should move our succession plans
forward rather than wait until the end of next year, which was our original
estimate," said Trotman.
"The company has successfully re-invented itself over the past four years with
the installation of Ford 2000 into the daily operations of the business. The
next five years will require us to go to the next level, and continue to improve
and take competitive advantage of the changes we have made. I believe -- and the
Board agrees -- that this is the time for the next generation to take charge and
lead us into the 21st century," said Trotman.
<PAGE>
-2-
William Clay Ford, Jr., the great grandson of Henry Ford, has been elected
chairman of the Board of Directors and Jac Nasser has been elected president
and chief executive officer of Ford Motor Company, both effective on
Jan. 1, 1999. Effective immediately, Nasser has been elected to the Board of
Directors.
"Over these past several months, the Board has discussed succession following my
retirement and has concluded that the roles of the chairman and of the chief
executive officer should be separated," said Trotman. "Jac is already running
the largest part of the company and, with Bill as chairman of the Board, we have
tremendous strength and continuity as we move forward."
All the company activities that report to Alex Trotman will report to Jac
Nasser, together with the operations that report to Nasser today.
"It is an honor to lead the Board as its chairman and I know full well the
enormous responsibilities of that task," said Ford. "I sincerely believe that
this great company that has achieved so much in the past 95 years also has
enormous potential yet to be fulfilled. I look forward to continuing to work
closely with Jac Nasser. We have established that the leadership of the Board of
Directors is under the chairman and the leadership of the company is under the
chief executive. We both believe that will make a strong partnership."
"Ford Motor Company is my heritage, and has always been part of my life. I want
to serve this company to the very best of my ability. I intend to lead the Board
in its support for the management running the business. My vision for the
company is product leadership, the highest quality and customer satisfaction,
and environmental leadership. If we get these right, we will lead in shareholder
<PAGE>
-3-
value. We recognize that we have multiple bottom lines, so shareholder value,
customer value and leading in corporate citizenship are interwoven as our
goals."
"Alex has changed the face and the spirit of Ford during his tenure as chief
executive and, indeed, over his entire career," said Nasser. "Ford 2000
signifies a new beginning to the way we run the business and our role is to
build on that strong foundation and carry it forward with energy, enthusiasm and
drive."
"The thanks of all our shareholders and employees should be extended to Alex
Trotman for the visionary leadership role he has played during these past five
years as he has driven the company to new heights," Nasser said. "During his
tenure, we have built the strongest product line-up in our history, our quality
levels are the best ever, and we have achieved record profits."
"This has been a marvelous period through which Alex has led the company. Since
Nov. 1, 1993, when Alex became chairman, the company's total shareholder return
has averaged about 25 percent annually. In fact, the total return over the five
years has been 185 percent. That beats the S & P 500 returns. As a result, the
market value of the company has nearly tripled. I know he and Valerie are
looking forward to the years ahead with great anticipation and pleasure."
Nasser continued: "The Ford team has made much progress toward our goals, but we
know we have much to do to achieve our goal of becoming the world's leading auto
company. We must continue to develop the potential of the company and the
talents of the many Ford people around the world so that we best serve our
shareholders, our customers and society at large."
<PAGE>
-4-
"Our employee team - 363,000 strong -- is dedicated to those goals and I am
proud to lead and work with all our employees to achieve and exceed them."
Ford Motor Company was founded on June 17, 1903, and became a publicly held
company on Jan. 16, 1956. In 1997, the company earned a record $6.9 billion on
revenues of $153.6 billion from its automotive and financial services
businesses. In the first half of 1998, the company reported net income of $3.895
billion.
###
NOTE TO EDITORS:
Brief biographies of Messrs. Trotman, Ford and Nasser follow.
NEWS BRIEFING:
Messrs. Trotman, Ford and Nasser will meet with members of the media at
11:00 a.m. in the Ford Motor Company Product Development Center
showroom on Village Rd., west of Oakwood Blvd., in Dearborn, MI.
There is a satellite feed of the news conference.
Time: 11:00-11:30 a.m. (EDT)
Coordinates: KU Band, SBS6, Transponder 15, Audio 6.2/6.8.
A listen only audio feed will be available by dialing 1-313-390-9053.
Ford news releases and photographs are available on the Ford News
Service website (http://media.ford.com). High-resolution photographs
may be downloaded from the website or from the Wieck Photo DataBase,
1-972-392-0888, at no charge.
<PAGE>
