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When he takes your company from the brink of bankruptcy to a $20 billion profit and your stock from $1 to $12.67 in just 3 years.
The company was bleeding nearly $100 million in cash a day in 2008 and its stock price hit bottom at $1 per share. Ford was maybe "three to six months" away from bankruptcy, says Hoffman. "They got to the point where they stopped paying to water the plants inside their buildings [and] stopped paying to wash the windows in order to save money."
Ford's biggest savior in 2008 was Alan Mulally who left Boeing in 2006 to become the CEO of the number two U.S. automaker. What did he have that others didn't?
"He had an outsider's perspective," says Hoffman. "He was able to come in and really assess what was wrong with Ford because a lot of the people who had grown up in the company's culture weren't able to take a real objective look at it."
In 2011, Ford recorded a $20 billion profit on $128 billion in sales and today the stock is trading around $12.67 per share. The company's success today is also in large part due to the fact that Mulally never stopped innovating and developing during tough financial times that GM and Chrysler were forced to do.
Ford's biggest savior in 2008 was Alan Mulally who left Boeing in 2006 to become the CEO of the number two U.S. automaker. What did he have that others didn't?
"He had an outsider's perspective," says Hoffman. "He was able to come in and really assess what was wrong with Ford because a lot of the people who had grown up in the company's culture weren't able to take a real objective look at it."
In 2011, Ford recorded a $20 billion profit on $128 billion in sales and today the stock is trading around $12.67 per share. The company's success today is also in large part due to the fact that Mulally never stopped innovating and developing during tough financial times that GM and Chrysler were forced to do.
- Wonderboy
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