Ford has Retirees and Micron Analyzed
Ford Motor Company (NYSE:F) will be losing a couple of its familiar faces to golden years while Micron Technology, Inc. (NASDAQ:MU) CEO Mark Duncan is getting geared up to prove his company’s worth to analysts.
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Reuters tells us that Two top Ford Motor Co executives who helped steer the U.S. automaker through the financial crisis will retire by April 1, thinning the ranks of potential candidates who could replace Chief Executive Alan Mulally in coming years. Chief Financial Officer Lewis Booth, 63, will be replaced by the company Vice President and Controller Bob Shanks, 59. Derrick Kuzak, 60, Ford's product development chief, will be succeeded by Raj Nair, 47, now the head of engineering for global product development. Ford's board of directors met Wednesday and approved the plans. Separately, Ford announced that former U.S. Ambassador to China and one-time Republican presidential candidate Jon Huntsman will join the board. The moves put the focus on Mark Fields, 51, who runs Ford's operations in North and South America, and Joe Hinrichs, 45, who runs the automaker's operations in Asia, as the leading internal candidates to succeed Mulally.
F shares are treading water today at $12.74, down slightly (-0.78%). Stock volume checks in at 35.05M shares traded.
Micron Technology shares are trading down -0.98% today at $8.09 on news about the company facing some analysts to discuss company finances and projections. MarketWatch reports that Micron Technology will face analysts on Friday, just one week after the tragic death of Steve Appleton, the company’s well-regarded chief executive who had been leading the chip maker through a rocky market transition. Appleton‘s death in a small plane crash in Boise, Idaho, where the company is based, was seen as a big blow to Micron and to the semiconductor industry in general. Appleton rose from a Micron production worker to become its CEO and a respected pioneer in the memory chip industry. The cause of the crash is still under investigation.
Analysts say they don’t expect any major changes under CEO Mark Durcan, who was Micron’s chief operating officer. Duncan had been scheduled to retire in a few months, however he changed his decision following Appleton’s death.
Micron Technology Inc (MU) shares have seen a 52-week high of $11.95 and a 52-week low of $3.97.