Two members of Ford's (NYSE: F) board have quit. They quit less than a week after the company's CFO left. In filings with the SEC, they said they had no material differences with the car company, but most board members do that whether or not they had "differences."
According to The Wall Street Journal (subscription required), "Sir John R. H. Bond and Jorma Ollila have served on the Ford board since 2000 and jointly announced their exit Friday in a Securities and Exchange Commission filing." The two men said they could not devote additional time to the troubled car company. It is hard to say why they both came to that conclusion on the same day.
Why would they leave? One reason is that the Ford board is not a real board at all. The Ford family has effective control of the company. Management or board members who do not like what the family is doing can stew in private or head for the exit.
The more likely reason is the high-profile businessmen do not want to be caught in the ruble if Ford collapses due to poor sales and a shrinking pile of cash. It would not look good on the resume.
Having two board members leave on the same day could be a coincidence.
But, it isn't.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
10-18-2008 @ 8:27PM
jerry mcdonald said...
now ,if we could get the whole ford family to die,we could make money again.Die family die.
10-21-2008 @ 10:47PM
OTISFORDSUCKS said...
*BEWARE of Otis Ford,Inc. Quogue,Eastern Long Island,N.Y. (Hamptons). "Otis Ford Put Used Parts On My New Car". http://www.otisfordsucks.com Website recently updated. Edward T. Otis III,owner. Also a Ford shareholder, with no help at all from Ford. SHAME. Ford: @ 2$ a share, I'm not surprised. Thank you.
10-22-2008 @ 12:34PM
Frank said...
Ford
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1971 MODEL W/2 LITER ENGINE
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