Two Ford Motor Co. directors have left the board to focus on responsibilities at their own companies and to advise European governments and will not be replaced at this time, the automaker said late last week.
Ford accepted the resignation of John Bond, who serves as nonexecutive chairman of Vodafone Group, and Jorma Ollila, chairman of Nokia Corp. and Royal Dutch Shell Plc.Bond and Ollila both joined Ford’s board in 2000.
The automaker, which posted an $8.7 billion net loss in the second quarter, said the two informed the board they would not be able to commit to the extra time and travel commitments needed for Ford to respond to the auto industry downturn.
The board departures follow by one week the announcement that Ford CFO Don Leclair would retire on November 1 and be succeeded by Ford of Europe chief Lewis Booth.Ford will continue to have 11 members on its board, which is led by Executive Chairman Bill Ford Jr.
Ford said it did not have plans to replace Bond and Ollila on the board at this time, but could choose to add directors at a later time.
Bond served as a member of the board’s finance committee and as a consultant and senior adviser to Bill Ford Jr. He may continue to act as an informal adviser to Ford on an unpaid basis, the company said.
Ollila served on the audit committee and the board’s nominating and governance committee.