Ford President Jim Padilla to retire

Ford Motor has reported that President Jim Padilla, the company’s No. 2 executive would be retiring this coming July. He would now become the latest manager to depart as Chief Executive Officer William Clay Ford Jr. is totally revamping the company’s operations to get back to profitability.

Bill Ford would now be assuming the working duties of Padilla. The president’s post would as a result stay empty. Ford also added that Padilla would not stand for re-election to the company’s board of directors.

Impressively, Padilla has been working in ford for the last 40 years and in the recent years; he was overlooking the company’s worldwide operations. His departure comes just as the company promoted two executives, Mark Fields, 45, and Anne Stevens, 57, to head the company’s North American auto operations last year.

Mark Fields is said to be the company’s planned successor for Padilla in the coming years.