Former Ford Exec Nasser in Running To Head Mining Company
July 20, 2009
Former Ford CEO Jacques "Jac" Nasser has reemerged, this time as a top contender to head the
world's largest mining company, BHP Billiton. The job is described by Australia's Business Day
as "one of corporate Australia's most prized positions."
Born in Lebanon and raised and educated in Australia, Nasser currently is a non-executive director of BHP. The Australian business press reports he and one other candidate are being interviewed this week to replace BHP CEO Don Argus, who retires in November.
One report suggests Nasser has the inside track, having the support of the man he would replace.
Nasser is up against another BHP director, Dr. John Schubert, a chemical engineer who now heads Commonwealth Bank, and was former chairman and managing director of Esso Australia as well as president of the Business Council of Australia.
BHP has been in the news of late for its attempt to purchase Chinese iron ore company Rio Tinto in a $116 billion (Australian) deal. In addition, BHP has been under scrutiny because of five fatal on-the-job accidents in the past year.
Nasser has experience dealing with safety issues. He headed Ford during the Ford Explorer-Firestone tire maelstrom that led to a massive recall and a bruised reputation.
During his three-year tenure as head of Ford, a place where he'd spent his entire career beginning at Ford Australia when he was only 20, Nasser earned the nickname of "Jac the Knife." Under his leadership, Ford expanded by buying other companies, both automotive and non-automotive, including Internet businesses. Nasser created the failed and now-defunct Premier Automotive Group, which consisted of Ford's luxury brands -- Jaguar, Land Rover, Aston Martin and Volvo, all of which have been sold but Volvo, which is on the auction block.
The Ford family, concerned with Nasser's distraction by other businesses, the Firestone crisis, its dismal product line and quality woes say nothing of slumping profits, forced Nasser out in fall 2001. He was replaced by Bill Ford, great grandson of company founder Henry Ford. Bill Ford now is Ford chairman; the CEO duties have since been turned over to former Boeing executive Alan Mulally.
Posted by Michelle Krebs at 11:59 AM under Ford , News , Personalities | Comments (5) | digg this | Seed Newsvine
Nasser's actions for Ford, lauded by critics and the media for the mid-late 90's, epitomized everything that was wrong with the American auto industry and in many cases American business. Complete emphasis on profitable trucks and then SUV's while letting the car segments languish as an afterthought in their product lines.
Can't wait to hear some of you rise to his defense.
Posted by: georgehughes35 | July 20, 2009 at 6:21 PM
Many of the "poor" decisions made by auto execs, indeed other US manufacturors as well, were brought about by the poor cost structure in this country vis'vis labor contracts, govt regulations, employer borne healthcare & retirement costs (vs many of our competitors whose govt plans carry many of those costs).
Given all those headwinds, the only solution many times was to succumb to the easy, high profits where ever they could be found... such as emphasis on SUVs and trucks... the two areas where foreign competition did not exist. And, oh righteous georgehughes35, did not Toyota, Nissan, et all succumb to those very same evils?!?!? They just had the lucky timing of the bottom falling out very early in their truck/suv product developments
Posted by: jemilio | July 20, 2009 at 8:33 PM
I respectfully disagree.
Posted by: georgehughes35 | July 21, 2009 at 5:52 AM
One of my Mercurys is a '99 Cougar owned since new. Thanks, Jac. Finally getting the shaft, huh?
Posted by: fulcrumb | July 21, 2009 at 10:35 AM
Noooooooooo, please ....keep the devil out !!!
Posted by: towers_cl | August 01, 2009 at 10:59 AM