Ford president and CEO Alan Mulally has been recognised as Person of the Year in the third annual FT ArcelorMittal Boldness in Business Awards.

The awards recognise companies and individuals who have challenged the status quo and taken calculated risks to drive their business forward in the face of current economic uncertainty.

Mulally was commended for the turnaround plan that has allowed Ford to emerge from the financial crisis with sustained profitability.

It was also recognised that Ford did not rely on a government bailout and that Ford today is the most profitable car company in North America, having managed to change customer perceptions and earn a higher margin per vehicle sold.

Lionel Barber, editor, Financial Times, said: “This is the third year of the FT ArcelorMittal Boldness in Business Awards and while the market remains undeniably challenging our shortlisted companies and individuals have displayed an inspiring ability to innovate and drive change."