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A Study of the Ford Motor Company

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A Study of the Ford Motor Company Business Value Group LLC A Study of the Ford Motor Co Turnaround 2010 Keys : Quotes from Participants Key message or take-away Business Value Group LLC Patrick Hehir, September 2010 It is said that a man is not defined by his challenges in life but rather by his response to them. The same could be said of communities and organizations, including public companies. During the deep global recession of 2008, a myriad of companies and industries in the USA struggled to survive. Although it has been recently announced that the recession is over, its effects persist and there is significant fear that there will be a second recession that will hit late 2010 and into 2011. Given the stubbornly high level of unemployment, some even suggest that the U.S. may in fact be in a depression. During this time, our key financial and automotive business sectors ended up needing U.S. government aid to help them navigate through the toughest patch of the downturn. However there was a notable exception within the US auto industry, ONE company that never asked for or received any direct monies from the government, and that was The Ford Motor Company. Having never asked for or taken a dollar of support from the US government, Ford reported a profit of $2.7 Billion on January 29 ,2010, for fiscal year 2009, after having had a loss of $14.6B in 2008.1 This was Ford’s largest pretax operating profit in six years. “The company also outsold GM in February 2010, something that had not happened in more than 50 years, aside from several months in 1998 when GM workers were on strike.”2 In April Ford reported a profit of $2.1 Billion for quarter one of 2010 a big reversal from year ago period where it had a loss of $1.4 Billion. It was Ford's fourth straight positive quarter and its highest quarterly profit in six years.3 In July 2010, Ford reported earnings of $2.6 billion for the second quarter and expected to have more cash than debt by the end of 2011. It was the fifth consecutive quarterly profit for Ford, which had continually increased its market share for 22 out of the previous 23 months. It had this success even as the government stimulus programs were expiring and while consumers had continued nagging fears about an overall further global slowdown. Ford also expected to be profitable in the second half of 2010 and to deliver even stronger results in 2011. Profits in the second half of 2010 were expected to be less than the $4.7 billion it earned in the first half of the fiscal year but that was due to the cyclical nature of their business. At the bottom of its business results trough on Nov 19th 2008, Ford stock reached a low of $1.26 a share (not the only company to bottom around this time). At time of writing its stock price has recovered to the $12 range. Remarkably, over the period from 2005 to 2010, Ford’s stock price has actually outperformed Toyota in overall % gain. These results are all the more impressive when one considers that GM, Chrysler and even Toyota (with quality issues relating to accelerator pedals,) were floundering in the marketplace due to this 1 Nick Bunkley NY Times article Jan 29th 2010 2 FORD MOTOR COMPANY NY Times article July 23 2010 3 DEARBORN, Mich. (AP) April 27th 2010 ©BVG Intl LLC Saratoga, CA,USA 2 of 18 [email protected] www.BVGINTL.com Phone +1-408-904-8195 unprecedented economic downturn. Ford’s performance, at a time when the total available US market shrank by close to 40%, from 16 - 17 Million unit sales to less than 10 Million unit sales (with similar reductions in most developed countries), is nothing short of amazing. Given these results so far, there is value in taking a closer look to learn what contributed to such a dramatic turnaround. Those closest to the real action, the employees and contractors that worked through the whole change process, were asked to assess the turnaround from their perspective. An anonymous survey targeted the 2000+ strong Ford network within professional networking site Linked-In. These constituents were made up of employees, contractors and retirees that had a ring side seat to what was going on internally within Ford. Using the online survey tool called Survey Monkey participants were asked the following 5 questions: 1. In your opinion, when did the work begin within Ford that resulted in its current success? 2. What are the Top 3 contributing factors to Ford Motor Co’s recent success? 3. What are the 3 things that you believe will be key to ensuring that Ford continues its current run of success? 4. What can other US multinationals learn from what Ford has recently achieved? 5. When you think back, did anything Ford do impede or have an adverse impact on how successful the company has become or could become? If so, what was done and what impact did it have? Disclosure: This survey was conducted purely on a voluntary basis and all participants were notified that the survey was to be used as a source of input for a subsequent company analysis and report. The team that conducted the analysis have had no direct recent professional involvement in the automotive industry and in particular none with Ford Motor Co. Neither was the analysis contracted by any third party. It is purely an attempt to have an objective assessment as to the factors that contributed to the recent success of Ford, as seen through the eyes of some of the internal stakeholders during this recent downturn. An attempt was made to analyze, summarize and report on some of the logical conclusions in order that the greater business community may learn from this legendary brand’s performance in the global marketplace. Admittedly this analysis omits stakeholders such as Customers, Investors, Suppliers and Executive Management, whose input would be interesting and valuable. This is not the first time that the Ford Motor Co was studied by industry practitioners. Toyota Motor Co studied and modeled many of their business practices on Ford, after the early visits and study by the famous Toyota engineer Taichi Ono in the 1930’s. It may be time for others to learn once again from Ford. ©BVG Intl LLC Saratoga, CA,USA 3 of 18 [email protected] www.BVGINTL.com Phone +1-408-904-8195 Population Representation: The survey respondents came from a significantly diverse set of functional departments, giving this study a broad range of perspectives. Summary of the responses to each 1. In your opinion, when did the work begin within Ford that resulted in its current success? Notable quotes: The quality work began after Jac Nasser left Work started in the mid 1990's Dates from Alan Mulally joining the company The past 10 years Alan Mulally being hired ©BVG Intl LLC Saratoga, CA,USA 4 of 18 [email protected] www.BVGINTL.com Phone +1-408-904-8195 Interpretive Conclusion: The majority of the respondents (56%) felt the work began 5 years before hand or earlier. However there seemed to be very strong sentiment, as will be reflected throughout the study, that a lot revolved around the hiring of Mr. Alan Mulally in 2006. Participants also frequently credited Mr. Bill Ford for his courage in initiating the process, finding and hiring Mr. Mulally, and granting him the responsibility and freedom to implement change. Question 2 2. What are the Top 3 contributing factors to Ford Motor Co’s recent success? Product Line Up 15% Product Quality 13% Apparent Alan Mulally 10% Foundational Financing 9% Elements Global Standardization & Glob Products 9% New One Ford Culture 6% Downsizing/Consolidation 4% Cost reductions 4% Global Prod Dev System 4% Focus and Discipline 3% Other 24% ©BVG Intl LLC Saratoga, CA,USA 5 of 18 [email protected] www.BVGINTL.com Phone +1-408-904-8195 Notable quotes: New focus on building cars that people want Improved car designs (make cars that people want) FOCUSING ON CORE FORD PRODUCTS Go out and separate or sell businesses not Ford Oval related (Hertz, Visteon, Aston Martin, Jaguar,etc) True quality mindset ("no excuses") Enforcement of no release of bad products by ALL in the production process Focus on excellent product Improved customer loyalty through improved quality Signing on Alan Mulally Bill Ford trusting Mulally to run the place Alan Mulally's disciplined approach to management of a global enterprise Alan Mulally (fresh view, willingness to change the culture, willing to make hard decisions, no blinders on) Refinancing before the credit crunch Securing $28 billion in 2006 by company collateral deal Cash to weather the storm Cash Flow Management Not taking the bailout Leveraging / going toward global products -- develop / engineer one Focus for the entire world (with regional modifications to meet market requirements) instead of 4+ Focus variants (one in each region) Leveraging common platforms: reduce unique platforms and try to produce as many different vehicles off one platform as possible (requires a long term strategy / vision) Consistent Global Processes The leadership of Alan Mulally creating a culture change at his level A new cultural paradigm of teamwork at the top led by a talented and experienced CEO Open Communication and exposure of Issues - Nassar built a CYA environment that drove issues under cover Interpretive Conclusion: The responses to this question were exceptionally rich, and took considerable time to distill and summarize. They reveal that managing a complex business with multiple interdependent functions takes quite a significant effort.
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