Ford announced today it has begun the process of "exploring strategic options for Aston Martin" — with particular emphasis on a potential sale of all or a portion of the unit. "As part of our ongoing strategic review, we have determined that Aston Martin may be an attractive opportunity to raise capital and generate value," said Chairman and Chief Executive Officer Bill Ford. "Aston Martin Lagonda has flourished under Ford ownership, which is why we believe it is prudent to consider a sale of all or part of this prized brand. Since Aston Martin’s dealer network, product architecture and size are distinctly different from other Ford brands, it is the most logical and capital-smart divestiture choice. The objective of any sale would be to position Aston Martin within a structure and resource base sufficient to allow it to reach its full potential, while enabling Ford to efficiently raise capital for its other brands."

Mr. Ford added, "Regarding our other Premier Automotive Group brands, we've made no decisions, as our review of strategic alternatives continues. However, we continue to be encouraged by Jaguar's progress and by the strength and consumer appeal of the Jaguar, Land Rover and Volvo product lineups."

NEW YORK (CNNMoney.com) -- Ford Motor Co. Tuesday surprised the auto industry by tapping senior Boeing executive Alan Mulally as its new chief executive officer, succeeding current CEO Bill Ford, who will stay on as chairman.

Mulally, 61, who heads Boeing's commercial airplane unit, will become president and CEO of Ford immediately as the struggling automaker gets set to unveil a huge overhaul of its North American auto operations.

Mulally was most recently executive vice president at Boeing (Charts).

Shares of Ford (Charts) rose about 1.5 percent on the New York Stock Exchange Tuesday and surged another 2 percent or so in after-hours trading.

The announcement came after the close of regular trading.

Ford said last month it was cutting production plans and said 10 North American plants will be shut for extended periods much of the rest of the year as it tries to cut costs and deal with slumping sales of its light trucks.

DETROIT -- After five years as CEO of the troubled automotive giant founded by his great grandfather, Bill Ford today ceded operational control to Alan Mulally, Boeing Co. executive vice president.

The 61-year-old veteran of the airline business was named president and CEO of Ford Motor Co. Mulally, a newcomer to the auto industry, has also been elected to the Ford board of directors.

In an e-mail to Ford employees today, Bill Ford wrote that he decided that the automaker's "turnaround effort required the additional skills of an executive who has led a major manufacturing enterprise through such challenges before."

In a press release, Ford said Mulally, a 37-year Boeing employee, led a turnaround of Boeing's Commerical Airplanes division, which generated $22.6 billion in sales in 2005. Bill Ford said Mulally applied many lessons from Ford's development of the Taurus in the creation of the Boeing 777 airliner. That effort was chronicled in the book Working Together by James P. Lewis.

"Just as I thought it was appropriate to apply lessons learned from Ford to Boeing, I believe the reverse is true as well," Mulally said in the Ford release.

The move to appoint an industry outsider as CEO comes when Ford is under growing pressure from analysts and investors after a $1.44 billion loss in the first half of this year and a nearly 10 percent decline in sales through August.

Bill Ford announced his first restructuring in January 2002, which included cutting 35,000 jobs globally and closing five plants in North America. But that plan foundered in April 2005, when Ford issued a profit warning and said it would not hit its target of $7 billion in pretax global profits in 2006.

Since the spring of 2005, Ford has sold its Hertz car rental business and bailed out supplier Visteon, its former parts business. With Mark Fields, Ford's president for the Americas, as point man, the company embarked on a new turnaround effort, dubbed the Way Forward, in January. The plan calls for cutting 30,000 jobs and closing 14 plants in North America by 2012.

Ford Motor is expected to announce an acceleration of the Way Forward plan later this month. Bill Ford has said the automaker didn't foresee the sharp rise in gasoline prices that hurt sales of profitable SUVs. Ford Motor has also been hit by sinking dealer profits and U.S. market share.


Bill Ford said today that Mulally will work with Fields.

In a note to employees, Bill Ford said he is "not going anywhere." Bill Ford said he will concentrate efforts on strategic repositioning of the company.

"As executive chairman, I intend to remain extremely active in the direction of this company," Ford wrote. "I'll be here every day and I will not rest until a prosperous future for this company is secured."

Throughout his tenure, Bill Ford said he would relinquish the CEO job if he found a more-qualified candidate. In the past, he admitted approaching Dieter Zetsche, then CEO of the Chrysler group, and Renault-Nissan CEO Carlos Ghosn about taking an executive role with the company. More recently, Ford reportedly contacted Ghosn to explore a possible alliance with Renault-Nissan.

Bill Ford became chairman of Ford Motor in January 1999, taking the CEO role on October 2001 after the ouster of Jacques Nasser.

Bill Ford timeline

Sept. 1998 - elected chairman of board
Jan. 1999 - became chairman
Oct. 2001 - becomes CEO after company loses $5.45 billion
Jan. 2002 - reveals first restructuring plan
April 2005 -company abandons 2005 earnings forecast, says it will not hit goal of $7 billion pretax global profit in 2006
Jan. 2006 - reveals new restructuring plan for North America, dubbed Way Forward, after company loses $1.6 billion in North America, before taxes and charges
Sept. 2006 - relinquishes CEO title to Alan Mulally
Sept. 2006 - expected to reveal accelerated version of Way Forward plan

DETROIT -- Ford Motor Co. will pay new CEO Alan Mulally a base salary of $2 million per year, according to a filing today with the Securities and Exchange Commission.

Ford will also pay Mulally $18.5 million in signing bonuses and other compensation by Friday, Sept. 15. Of that amount, $11 million will compensate Mulally for lost performance and stock option awards at his former employer, Boeing Co.

At Boeing, Mulally was among the top paid executives in 2005 with a package of about $9.96 million that included a $7.58 million long-term incentive payout in addition to his $825,000 salary and a $736,300 annual bonus.

Reuters contributed to this report