Former Ford Motor Company CEO Jacques Nasser is expected to announce this week that he will join One Equity Partners LLC, the venture capital arm of Chicago-based Bank One Corporation, The Detroit News reported.

The newspaper said Nasser was sacked from Ford in October 2001 as the car maker headed towards a $5.45 billion loss, its sales declined and relations with employees and dealers soured.

The Detroit News, citing “sources familiar with the situation”, said the former Ford boss is expected to be hired as a partner in One Equity Partners, which manages $3.5 billion in investments for Bank One. Nasser will play a key role in One Equity’s merger and acquisition activities but will operate from the Detroit area where he lives rather than New York where the firm is based, the newspaper added.

One Equity Partners typically takes an ownership stake in a troubled or failing company, and implements a turnaround plan, the Detroit News said.

The Detroit News said that Nasser’s experience with mergers and acquisitions should be useful at One Equity Partners. Under Nasser, Ford purchased two car companies — Sweden’s Volvo Cars and England’s Land Rover — along with European car repair chain Kwik Fit [since sold], the newspaper added.