Ford President Announces Retirement

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Ford Motor Co. President and Chief Operating Officer Jim Padilla is stepping down after 40 years at the automaker, the company said Thursday.

Padilla, 59, will retire effective July 1 and also will leave his seat on the company's board of directors. His responsibilities will be assumed by Ford Chairman and CEO Bill Ford, who will lead a new executive committee, composed of the automaker's executive vice presidents.

Padilla has been in his current position since April 2004. Before that, he was executive vice president of the company and president of the Americas. He has led manufacturing operations for Ford, Mercury and Lincoln in North and South America and at Jaguar.

Padilla began his career at Ford in 1966 as a quality control engineer.