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Archive for Friday, May 11, 2007

Ford CEO touts profit plan to shareholders

May 11, 2007

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— Ford President and Chief Executive Alan Mulally reassured shareholders Thursday that the automaker's turnaround plan was on track and that it was investing in environmentally friendly technologies amid concerns about climate change.

Mulally, making his first appearance before company shareholders, said Ford was taking "painful but necessary steps" to streamline costs and bring more accountability to the company with the goal of building "more of the products that people really want and value."

Shareholders overwhelmingly re-elected the Dearborn, Mich.-based company's 12 board of directors and rejected eight ballot proposals, including measures on global warming, health care and a plan to give one vote to each share of outstanding stock.

Mulally, who grew up in Lawrence, Kan., told 79 shareholders in attendance that the company was committed to returning its North American operation to profitability no later than 2009.

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