A tradition continues. Automaker Ford wants to add Alexandra Ford Engels and Henry Ford III to the board. The great-great-grandchildren of founder Henry Ford would continue the line of the family about the industrial dynasty that Ford founded 118 years ago.
33-year-old Ford Engels currently works in the business strategy division and is also on the board of automaker and automotive technology company Rivian, in which Ford has a significant interest.
She is the daughter of 63-year-old executive president Bill Ford. Ford III is the son of Edsel Ford II. The 72-year-old director retires after having worked for the company for 33 years.
The promotion of the Ford family means that the fifth generation of the family will be at the top of the company. This comes at a time when the automotive industry is facing radical changes with the transition to electric and autonomous driving. In addition, the old brands clearly feel the competition from emerging brands like Tesla.
The American automaker has almost always been a Ford member on the board. According to critics, the family succession has put the company too much on its own and too much looks at the past.
Proponents of the family bond believe that the company has always remained stable. In 2009, this would have helped to ensure that Ford did not go bankrupt, where other automakers from Detroit did go down.
Ford recently announced plans to invest $29 billion in the development and production of electric and self-propelled cars over the next few years. The automaker‘s day-to-day management is in the hands of Jim Farley, but the Ford family has 40 percent of the automaker’s voting rights through a special stock arrangement.
According to some investors, super-voting shares ensure that the value of the company is printed. In addition, the family members would wrongly have too much control over the company. The nomination of the Ford English and Ford III must be endorsed by the shareholders in May.