William Clay Ford, Jr., has been named president and chief executive officer for Ford Motor Company. It will be the first time in 22 years that a Ford family member will head the company.
Ford, 44, is a great-grandson of founder Henry Ford. He has been chairman of the company since 1999, but left most of the day-to-day responsibility to Jacques Nasser, who was ousted on Monday. Nasser resigned following a meeting Monday afternoon between Ford and Nasser at the company?s world headquarters.