Jacques Nasser retires from Ford Motor Co.

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Ford Motor Co.'s board of directors announced today that effective immediately Jacques Nasser has retired from the company and William Clay Ford Jr. has been named chief executive officer as well as continuing as chairman of the board.

Nasser, 53, joined Ford of Australia in 1968 as a financial analyst and held various posts throughout his career including chairman of Ford Europe and head of Ford Automotive Operations. He was named CEO on Jan. 1, 1999.

The company also announced Nick Scheele has been appointed chief operating officer of the company and president, Ford Automotive Operations. He also was elected a member of the board.

Carl Reichardt, retired chairman and CEO of Wells Fargo and Co., was named vice chairman, and James Padilla was named group vice president, Ford North America.

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