Ford Motor Co. on Friday named a president and chief financial officer for its struggling European operations, moving to boost sales and cut costs by returning to the local management team authority it lost in a 1995 reorganization.
Jim Donaldson, vice president of vehicle development for trucks, was promoted to president of Ford of Europe, effective Jan. 1. At the same time, Henry Wallace, former president of Mazda Motor Co., will become the region’s chief financial officer. Dearborn, Mich.-based Ford owns a 33.4 percent stake in Mazda.
The moves are designed to accelerate the turnaround in Ford’s European operations, which are barely breaking even. Automotive Operations President Jacques Nasser is giving the regional leaders more power to cut costs and tailor models to their specific markets.
Donaldson developed some of Ford’s most profitable North American trucks, including the Expedition sport utility vehicle. Wallace led the unfolding turnaround at Mazda.
Elsewhere in the European auto industry Friday, Volkswagen AG officially joined the hunt for Rolls-Royce, confirming for the first time that it was interested in buying one of the icons of British style.
