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Article: Ford Credit names new COO.(News)(Mike Bannister)(Brief Article)
- Article from:
- Automotive News
- Article date:
- August 4, 2003
- Author:
CopyrightCOPYRIGHT 2003 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Amy Wilson
Ford Motor Credit Co. President Mike Bannister will oversee new cost-cutting initiatives at the captive finance unit.
Ford Credit appointed Bannister president and COO last week and revealed that widespread cost reductions are on the way. Ford wouldn't reveal cost-cutting targets, but The Detroit News last week reported that Ford Credit aims to reduce its personnel costs by more than 15 percent by the end of 2004.
Ford Credit has about 20,000 employees worldwide. In the first half of 2003, Ford Credit posted net income of $843 million - about 64 percent of Ford Motor Co.'s net income during the period.
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