Bill Ford says he has no plans to leave the family business

Chicago Tribune

2 days ago

At a time of great uncertainty for the automotive industry, one thing is certain: Bill Ford, executive chairman of Ford Motor Co., says he plans to stay in his role for 'a while.'
'Everybody has a sell-by date,' Ford told reporters after a panel at the Detroit Regional Chamber's Mackinac Policy Conference. 'But I also feel like, in many ways, I'm hitting my stride. I feel like I have the right combination of experience and energy to help provide leadership for the company for some time.
'Will the day come when I won't feel that way?' he continued. 'Yes, of course, and I have no idea when that is, but I'm not planning on it. It's not there yet.'
The comments from the 68-year-old great-grandson of company founder Henry Ford comes amid a historic transformation for the Blue Oval. It's seeking to balance continued demand for gas-powered vehicles and an electrified future, to transform its products into software-driven machines and to navigate a shifting environment when it comes to trade, regulations and incentives.
Some might argue that such upheaval could demand new leadership, but Ford, who's been with the company since 1979 and has been executive chairman since 1999, underscored the importance of persisting values of the company, a familiar name and face for the corporation, and the intentionality behind long-term partnerships like Ford's 1977 joint venture in Turkey with Koç Holding with original relations dating to 1928.
'We're not going to take golden parachutes and ride off into the sunset. We're here through thick and thin, and I feel like I've proven that over the last 25 years,' Ford said. 'It's really setting an intention for the future of where this company needs to go.'
But there are many obstacles in the way. The latest is the 'big beautiful' budget bill that could remove production tax credits for electric vehicle battery manufacturers that were established in the Inflation Reduction Act that former President Joe Biden signed in 2022. Bill Ford confirmed losing that could imperil the $3 billion battery plant Ford is building in south-central Michigan's Marshall and the 1,700 jobs it's expected to create.
'It needs to be kept in place, the production tax credit, that we have built the business case on Marshall around that,' Ford said. 'Politicians can agree or disagree on whether those kind of things are desirable, and that's fine, but don't change the rules once you've already made the investment, because that, to me, is just a question of fairness, and that's unfair.'
He added: 'If it goes away, it really puts in peril the plant and the jobs in Michigan.'
Ford called for greater stability on policies in general from Washington, D.C., as the automotive industry has longer lead times to build product than political terms. He said the same is true in states like Michigan and voiced support for Mayor Mike Duggan, who is running as an independent for governor, because he 'understands businesses and the decisions we face.'
Ford also noted the Ford family meets quarterly to discuss the company. Daughter Alexandra Ford English is a member of Ford's board and said she is in frequent contact with her father about the company's future.
'We are always focused on the future,' English said during the panel. 'A lot of people think about family involvement as being protectors of the past, and that is absolutely not how we view our role. A lot of that stems from Dad and how he thinks about the company. But we just have such a rich opportunity set ahead of us. The industry is changing so rapidly, and so I'm really focused on everything that's going to come for our company.'
One example she pointed to when she came to the company in 2017 was texting her father pictures and videos of aging office buildings that needed repairs. The automaker has been investing in improvements to its buildings in Dearborn, including a new production development center slated to open later this year, as well as its $940 million advanced mobility campus in Corktown anchored by the restored Michigan Central Station.
The company this week will announce the hotel brand that will occupy the top floors of the once-derelict, 1913-built former train depot. Already a Detroit destination ahead of the first anniversary of its reopening party on June 6, the station has become a hotspot for weddings, other events and visits by more than 300,000 people.
'And there's really not much to see yet,' Ford said. 'We're going to announce the hotel next week.'
Michigan Central Innovation District LLC, the wholly owned subsidiary of Ford charged with running the campus, had sought zoning approval from the city for a hotel to occupy the never-used top floors. A year ago, the selection process had been down to a few finalist brands with the goal of a special hospitality solution for the landmark whose rooms wouldn't be inaccessible in price.
Limited retail so far has opened in the station, including a location of the east-side coffee shop Yellow Light and Neighbor x Folk, a creation of Rohani Foulkes behind Detroit's James Beard-nominated cafe Folk. There also a souvenir shop for the station.
Additionally, the depot in the fall became the headquarters of Ford's Model e electric vehicle division and occupied by Integrated Services software employees. The first occupant was a lab for Code Next, a computer science education program from Alphabet Inc.'s Google LLC for Detroit high school students.
'People love working down there,' English said. 'It's just a much more urban feel than you get in some of our other buildings. And people coming from other cities want that.'