Nair spent three decades at the company before departing after an investigation into allegations of unacceptable personal conduct (Ford told Business Insider the allegations were not of a financial nature).
Ford Motor Co. on Thursday tapped Kumar Galhotra, a company veteran who steered the Lincoln luxury brand back to respectability, to replace Raj Nair, who was ousted Wednesday after an internal investigation uncovered "inappropriate behavior", as its president of North America.
Meanwhile, President and Chief Executive Jim Hackett is under increasing pressure from the investment community to detail his revival plan. Ford, added Hackett, is committed to providing as well as nurturing a respectful and safe culture and expects its leaders to uphold those values. Ford President and Chief Executive Jim Hackett explained.
A company statement quoted Nair as regretting that he has not exhibited leadership behaviour consistent with company principles.
Ford's North American automotive operations earned $7.5 billion of pretax profit in 2017. Galhotra had added chief marketing officer to his duties November 1 past year.
According to a statement released on Wednesday by Ford, Raj Nair immediately exited the company after a review of his behavior showed he was "inconsistent with the company's code of conduct".
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Ford was dealing with turbulence in its executive ranks even before the departure of Nair.
The company is not investigating other executives for similar cases, a Ford spokesman said.
Ford Motor Company has announced what they deem as "key changes" to their senior management team in the interest of "improving the company's operational fitness" while accelerating a "strategic shift to capitalize on emerging opportunities". Prior to being named head of global product development, Nair oversaw engineering for all Ford and Lincoln vehicles. On assignment to Europe, Nair was the vehicle operations launch manager for the 1996 European Fiesta. Nair stands to lose about $4.8 million worth of Ford restricted shares he was granted in May 2017 that would have vested had he remained with the company until May 2020. CEO Hackett responded with a letter on behalf of the company apologizing for instances where employees were subjected to harassment.
"We don't want you here, and we will move you out for engaging in any behavior like this", he said. The company's margins have fallen behind rivals General Motors Co and Fiat Chrysler Automobiles NV.
Ford stock traded in Europe was down 0.1 per cent at $10.59 as of 1:02 p.m. Thursday in Frankfurt following a 0.3 per cent slide Wednesday in NY.