I admit to having been sceptical about Alan Mulally‘s chances of turning around the ingrained culture and under-performance of Ford when he was recruited from Boeing as chief executive in 2006. But Mr Mulally has been proving me wrong.
Ford’s third quarter results put the company on track to be free of net debt by the end of the year. More importantly, Mr Mulally’s internal restructuring appears to have placed it on a long-term growth path, rather than being a short-term fix.
A lot of conventional wisdom about the industry have been proved wrong recently, including the idea that it would be a disaster for any of the Big Three to go into Chapter 11 bankruptcy. Bankruptcy was the best thing that could have happened to GM.