FI showroom red and grey logo
MenuMENU
SearchSEARCH

Ford Credit’s Bannister to Retire; Silverstone Named Successor

Mike Bannister will retire as Ford Motor Credit Company’s chief executive on Jan. 1. His replacement will be Bernard Silverstone.

by Staff
October 25, 2012
3 min to read


Mike Bannister

DEARBORN, Mich. — Ford Motor Company today announced that Mike Bannister, executive vice president, chairman and CEO of Ford Motor Credit Company, has elected to retire after 29 years of service. He officially departs on Jan. 1, 2013.

Bannister, 62, will be succeeded by Bernard Silverstone, who was named group vice president, chairman and CEO of Ford Motor Credit Company.

Ad Loading...

“Mike Bannister is an absolutely world-class business leader who knows how to bring people together to deliver outstanding results,” said Alan Mulally, Ford president and CEO. “We are so grateful for Mike’s longstanding service to Ford, and we know that employees and dealers around the world will long treasure his partnership and leadership. 

Appointed Ford Credit chairman and CEO in 2004, Bannister set a high standard for consistent, quality lending through all economic cycles, transformed the finance company’s global business structure to improve efficiency, sharpened the focus on supporting Ford and Lincoln sales, and continually improved service to dealers and customers, according to officials. And under his leadership, officials added, Ford Credit provided distributions of more than $15 billion to support Ford’s business.

Before being named chairman and CEO, Bannister, who joined the company in 1973, served as president and COO of Ford Credit. He also served as president of Ford Credit International, leading the company’s operations in Asia Pacific, Europe and Latin America. Before that, he served as chairman of Ford Credit Europe.

“It has been an honor and privilege to work with a great team over the years around the world in building our outstanding auto finance organization,” Bannister said. “The company is well positioned and ready to help write the next chapter of the Ford story.”

Bannister continues to serve on the boards of directors for the Federal Reserve Bank of Chicago’s Detroit Branch, the national Council for Economic Education, YMCA of Metropolitan Detroit and the Detroit Investment Fund Board, a Detroit Renaissance economic development initiative, as well as trustee of the philanthropic Community Foundation for Southeast Michigan.

Ad Loading...

Bernard Silverstone

Silverstone, 56, has served at Ford Credit for 33 years and will continue Ford Credit’s strategies to improve and expand its business and profitably support Ford’s growth plans.

“Bernard’s broad global experience and consistent delivery of profits and distributions will ensure Ford Credit’s continued value to the Ford enterprise,” Bannister said. “Bernard also is deeply committed to building on our strong relationships with Ford dealers, customers and employees.”

Silverstone was named to his present position as chief operating officer of Ford Credit in January. He previously led Ford Credit’s marketing and sales operations globally and the company’s International Operations, which covers all Ford Credit business outside the U.S. and Canada. Before that, he served as chairman of Ford Credit Europe.

 Silverstone joined Ford Credit Britain in 1979 and has held a wide variety of staff, operations and leadership positions in the North American, European and Asia Pacific regions.

“Mike is one of the most respected leaders in our business,” Silverstone said. “I am honored to continue guiding Ford Credit along the path set by Mike and our leadership team. I look forward to an even closer working relationship with Ford and supporting the company’s plan toward profitable growth for all with unparalleled support for our dealers and customers.”

More F&I

Photo of notepad and pen next to computer keyboard on desktop
F&IApril 13, 2026

Control in Sales Is an Illusion

Some of it should be given to the customer, but that doesn’t mean the F&I office relinquishes the process. In fact, a different approach both builds trust and boosts sales.

Read More →
Photo of external keyboard on office deak next to window
F&IApril 7, 2026

The Limited Warranty Game

Bringing it in-house benefits the dealership and its customers.

Read More →
Woman in casual clothing sitting at a desk
F&Iby Rick McCormickMarch 31, 2026

Curb The Confusion

Talk to F&I customers like you’d talk to a friend, without industry lingo or sales-like questions, and use hard proof to show, not tell, them about a need.

Read More →
Ad Loading...
Photo of man's hand on laptop computer keyboard with blank screen
F&IMarch 16, 2026

There Is Always one More Product

Helping F&I customers understand complementary offerings is likely to lead to more sales, based on the success of a high-performing practitioner of the philosophy.

Read More →
REGISTER FOR EFI 2026
F&Iby Kate SpataforaMarch 16, 2026

EFI Conference Extends Early Bird Discount as Room Block Nears Capacity

Ethical F&I Manager's Conference will take place at The Cosmopolitan Las Vegas on April 13–15, 2026.

Read More →
Industryby StaffMarch 6, 2026

Explore the 12 Rules for an F&I Life at EFI

EFI 2026 will take place April 13–15 at The Cosmopolitan Las Vegas.

Read More →
Ad Loading...
F&IMarch 4, 2026

Creating Your Own Economy

In this video, Reese Dailey explains how effective follow-up drives better results across the dealership, including increased sales, higher F&I penetration, and stronger customer retention.

Read More →
Industryby StaffMarch 2, 2026

Prove You Can Do F&I at EFI

‘So You Think You Can Do F&I’ is a live role-play contest taking place at the 2026 Ethical F&I Managers Conference.

Read More →
Image of two human hands, one holding the word yes, the other the word no
F&Iby Hannah MitchellMarch 1, 2026

Expect Yes in the F&I Office

It may be human nature to back off when a customer seems to say no to a product or service. But experts say F&I managers should operate as though the answer will be the opposite.

Read More →
Ad Loading...
Industryby Lauren LawrenceFebruary 25, 2026

Report Finds Year-End F&I Strength

Deal volume ebbed and flowed throughout 2025, but product performance remained steady, according to automotive technology and data intelligence solutions provider StoneEagle.

Read More →