Ford's Board of Directors has elected Greg Smith as a group vice president and named him chairman, president and chief executive officer of Ford Motor Credit Company. Previously, Smith, 51, was a company vice president and president and chief operating officer, Ford Credit. "A dynamic and vital Ford Credit is essential to the company's long-term prosperity," said Bill Ford, chairman and CEO, Ford Motor Company. "Greg Smith and his team have transformed Ford Credit into a cornerstone of our revitalisation plan."