September 6, 2006 8:45 AM, EDT

Ford Motor Co. Names New CEO

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ord Motor Co. announced Tuesday that former Boeing executive Alan Mulally will replace Bill Ford as the company’s chief executive officer.

img src="/sites/default/files/images/articles/fordlogo.gif" width=90 align=right> Mulally will also succeed Ford as president. Ford will continue in his role of executive chairman.

Mulally, the former executive vice president of Boeing Co. where he led a turnaround effort of the airplane maker’s commercial airplane unit, according to the Associated Press.

Mulally’s appointment is part of Ford’s own restructuring initiative.

“Our turnaround effort required the additional skills of an executive who has led a major manufacturing enterprise through such challenges before,” said Bill Ford Tuesday in a statement.

Ford previously said it would accelerate its restructuring efforts, announcing such measures as job cuts, buyout offers for all factory workers and a 21% cut in car and truck production. (Click here for previous coverage.)