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Ford's Chief Financial Officer to Resign

May 21, 1999| Bloomberg News

Ford Motor Co. Chief Financial Officer John Devine said he'll leave the auto maker in September to seek a job running a company. Devine, 55, is regarded as a key player in Ford's rising credibility with investors, but he has taken a back seat in decision-making since Chief Executive Jac Nasser, 51, and Chairman William Clay Ford Jr., 42, took over in January. He was a dark-horse candidate last year to succeed former Chairman and Chief Executive Alex Trotman, said Sanford C. Bernstein & Co. analyst Gary Lapidus. Devine is likely to receive offers to run companies, partly because of his success in raising Ford's credibility by producing more thorough earnings reports and giving out bad news with the good, analysts said. He said a clause in his contract prohibits him from going to work for a rival auto maker. Vice Chairman Wayne Booker will assume Devine's title next month. Shares of Dearborn, Mich.-based Ford closed up 25 cents at $57.94 on the New York Stock Exchange.

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