Ford to fire CEO today

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DETROIT, Mich. — Ford Motor Co. will reportedly shed its chief executive officer later today and replace the out-going Jacques Nasser with William Clay Ford Jr., Henry Ford’s great-grandson.

Nasser, 53, has taken much of the blame for the automaker’s loss of market share, quality problems and overall poor financial performance.

Ford, 44, has been chairman of the company’s board of directors since January 1999, as well as head of the Office of the Chairman since the position’s creation in July.

In addition, Nick Scheele, 57, who has been credited with leading the revival of the company’s Jaguar division, will likely move from Ford’s North American chief to become its chief operating officer.

It is expected Scheele will be the one making the day-to-day decisions in Ford’s crucial home market.

The much-maligned company has been preparing a turnaround plan industry experts predict will be released in December.

In the third quarter, Ford lost US$682-million.

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