Kenneth Leet, the former senior banker at Goldman Sachs, has agreed to join Cerberus Capital Management, the hedge fund and private equity group. It is understood that he will remain an adviser to Ford.
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However, the full-time appointment to Cerberus highlights the extent to which Mr Leet’s role at Ford has been scaled back since Alan Mulally was named as Ford’s CEO in September.
Leet, who led mergers and acquisitions teams at Goldman Sachs Group and Bank of America, was hired in August to spearhead a major review of Ford operations as the carmaker came under pressure to take more dramatic steps in restructuring.
Speculation immediately centred on the future of Ford’s PAG premium brands. Aston Martin is said to be close to being sold while Jaguar and Land Rover are now considered most likely to be retained.
