Ford Gives Up Company Control

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Ford Motor Co. announced Tuesday that Bill Ford is stepping down as chief executive but will remain chairman of the troubled automaker.

Alan Mulally, previously executive vice president of Boeing Co. and president and CEO of Boeing Commercial Airplanes, has been named president and CEO at Ford.

In announcing Mulally's appointment to Ford employees, Bill Ford said in an e-mail that Ford's turnaround effort "required the additional skills of an executive who has led a major manufacturing enterprise through such challenges before."

Bill Ford said Mulally, 61, helped turn around Boeing's commercial airplane division. Mulally has spent 37 years at Boeing.