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Ford family takes greater control of car firm

Ford has created the 'office of the chairman and CEO' to give company chairman Bill Ford a greater say in the direction of the company.

The office will comprise the great grandson of the company's founder and Jac Nasser, president and chief executive officer, and will focus on policy, strategy and major business issues.

Mr Ford said: "We face challenging times and this new structure allows both Jac and I to work hand-in-hand to lead the company forward. We will continue to work together to maintain our strong position in the marketplace."

Nasser added: "Bill and I are both looking forward to continuing to provide the strategic direction for the company in every key area of the business."

The move has been seen by industry analysts as the Ford directors putting a brake on Nasser's 30-month burst at the helm.

This week, Ford dismissed stories about plans for a London Stock Market listing as 'speculation'. Such a move could be seen as a route to fresh investment for the world's second largest car manufacturer as it attempts to return to profit.

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