US: Jaguar brand in Ford strategic review
Ford is launching a strategic review of operations such as the Jaguar brand, that may lead to asset sales or alliances with other companies, the Wall Street Journal (WSJ), citing people familiar with the situation, reported on Wednesday, according to Reuters.
The WSJ reportedly said Kenneth Leet, who led mergers and acquisitions teams at Goldman Sachs Group and Bank of America, will spearhead the effort for Ford.
Leet is reporting to Ford chairman and CEO Bill Ford, who is under pressure from the car maker's board to take more dramatic steps in his restructuring efforts, the WSJ said, according to Reuters.
An announcement about Leet was expected later on Wednesday, the WSJ reported.
Reuters noted that Ford last month reported an unexpected second-quarter loss of $US123m after starting a restructuring programme six months ago that includes closing 14 plants and cutting up to 30,000 factory jobs in North America.
Ford's Premier Automotive Group of European premium brands including Jaguar swung to a pre-tax loss of $162 million for the second quarter from a pre-tax profit of $17 million, the news agency added.
In an interview on 20 July, CEO Bill Ford told Reuters Jaguar would take time to turn around, but he was considering all options for the brand.