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Ford gets a new chief executive

The Ford Motor Company has named Alan Mulally as its new chief executive. Mulally is currently head of Boeing's commercial aircraft division. Mulally (61) will take over the job from Bill Ford, although he will remain involved as the company's executive chairman. Mulally is credited with having played a key role in cutting costs and making Boeing more efficient.

Mulally's task at Ford will be to cut Ford back to a size at which the firm can make profits in the light of the movements in the automobile markets as rising fuel prices have lowered demand for Ford's successful pick-up trucks and sport utility vehicles.

The firm has been sliding downwards in recent years with pressure from the Japanese manufacturers Toyota, Honda and Nissan.

It will be interesting to see what Mulally decides are the best strategies for the company.