Oh to have been a fly on the wall at this meeting... Late in April the Ford family held a meeting as to the future of the corporation and their role in it. As you may be aware the Ford family holds 40 percent of Ford stock, and as FoMoCo flounders, so does their wealth.
Apparently the Ford family members invited Joseph Perella and Peter Weinberg (Wall Street hot-shot dealmakers) and considered hiring them to advise the family about its huge stock holdings in Ford Motor, a clear sign of growing concern about the automaker's long-term prospects...
At the end of the meeting, the family voted not to hire Perella Weinberg Partners as independent outside advisers. However, during the course of the meeting it was reported that sparks flew, as not all family members were in agreement with decisions that were made.
"In a moment of great tension and great volatility in the industry, the members of the family are interested in knowing as much as they can about what is going on in the industry, what the prospects likely will be, what is going to happen," Brad Pacheco, a family spokesman said. "A great deal of interest, a great deal of history, a great deal of culture and a great deal of passion goes in across the board to the membersânow in the fifth generationâof that family."
Historically the Ford family has always been rock solid in agreement as to how their role and how to proceed with the family business. Now it appears that there may be some cracks forming in that family unity.
Full story here.
"In a moment of great tension and great volatility in the industry, the members of the family are interested in knowing as much as they can about what is going on in the industry, what the prospects likely will be, what is going to happen," Brad Pacheco, a family spokesman said. "A great deal of interest, a great deal of history, a great deal of culture and a great deal of passion goes in across the board to the membersânow in the fifth generationâof that family."
Historically the Ford family has always been rock solid in agreement as to how their role and how to proceed with the family business. Now it appears that there may be some cracks forming in that family unity.
Full story here.
estreka says:
02:23 PM, 05/ 8/07
Wow, this is pretty big. I'm surprised this story leaked. Mulally has got to be pretty nervous at this point. Without the Ford family, I seriously doubt the corporation will live on.
ateixeira says:
07:54 AM, 05/ 9/07
If I were a shareholder, I'd certainly be diversifying.
bbechtel16 says:
12:39 PM, 05/15/07
I disagree. I think the family's is the whole problem with Ford. I doubt they "get it".