William Clay Ford, Sr. to Retire from Ford Board Served for Nearly 57 Years

DEARBORN, Mich., -- William Clay Ford, Sr., the only surviving grandson of the late Henry Ford, has announced his intention to retire from the Board of Directors of Ford Motor Company after nearly 57 years of service.

Mr. Ford, who serves on the Finance Committee, informed the Board that he will not stand for reelection when his current term expires in May. At the Board's request, he will become Director Emeritus.

"This is obviously a bittersweet moment for me and everyone who loves the Ford Motor Company," said Chairman and CEO Bill Ford, Jr. "I speak frequently about the family values that define our company's culture. But in doing so, I am simply echoing everything my father taught me about the importance of embracing principles, setting high standards of behavior and acting responsibly toward the people with whom we work, the customers we serve and the world in which we live."

"My dad helped lead Ford into the modern era and make us who we are. The company is almost 102 years old, and he has served on our Board with distinction for more than half of our history. His institutional knowledge is an incredible asset and his love for the company is unmatched," he added. "I will, of course, continue to turn to him for advice and counsel."

Carl E. Reichardt, the second longest serving Board member, thanked Mr. Ford on behalf of the entire Board of Directors. "He has made innumerable contributions to the company and its shareholders during his 57 years, and the Board is gratified that he will remain available to us as Director Emeritus during these challenging times."

Commenting on his retirement, Mr. Ford said: "Leaving the Board will relieve me of formal duties and give me more flexibility, but I still expect to spend as much time as possible with the extended family of Ford people and will gladly help the company and the Board in any way I can. The Ford Motor Company has always been part of my life and I continue to draw a lot of energy from this wonderful and exciting business."

Mr. Ford was elected to the Board of Directors on June 4, 1948 and began his employment with the company after graduating from Yale University in 1949. He served in a variety of executive positions before being appointed vice president and general manager of the Continental Division in 1954. In 1956, Mr. Ford assumed responsibility for corporate product planning and design.

Throughout his career he oversaw the design and development of a number of classic vehicles, including the Continental Mark II, considered by many to be one of the greatest cars ever built. He was appointed vice president - Product Design in 1973. When the Design Committee of the company's Policy and Strategy Committee was formed in 1957, Mr. Ford became its first chairman, a post he held until he retired from the company in 1989.

In 1978, Mr. Ford was elected chairman of the Executive Committee and appointed a member of the Office of the Chief Executive. He was elected vice chairman of the Board in 1980 and chairman of the Finance Committee in 1987. He retired from his post as vice chairman in 1989 and as chairman of the Finance Committee in 1995.