Gilmour Taking Over Ford Credit
Ford Credit’s oversight has been shifted to Ford Motor Company chief financial officer Allan D. Gilmour, in a move made synonymous with the retirement within the next year of vice-chairman Carl E. Reichardt.
Reichardt, who will remain a Ford director, announced at the Ford annual shareholders meeting in June that he would be retiring within the next year. The former CEO of Well, Fargo & Company, 71, became vice-chairman in October, 2001, and played a major role in restructuring Ford Credit after a severe deluge of lease losses ended a run of profitable quarters.
Gilmour, 69, came out of retirement in 2002 to become CFO and vice-chairman. Remaining chairman, president and CEO of Ford Credit is Greg C. Smith, 51, promoted to those positions last October.
Gilmour, who owns a Ford and Chrysler Group dealership in St. Johnsbury, VT, which his nephew now runs, first retired from Ford in 1994. He has announced a quest for a successor as CFO, but CEO Bill Ford said at the annual meeting the search is still underway.
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