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Ford recalling 370,000 Crown Vic, Grand Marquis and Town Car models

The Detroit News is reporting that Ford will recall some 370,000 Crown Victoria (pictured), Mercury Grand Marquis and Lincoln Town Car vehicles from model years 2005 through 2011, for an issue regarding the lower intermediate steering shaft. 355,000 of the vehicles in question were sold in the US, with the other 15,000 sold in Canada.
The report indicates that corrosion of the lower intermediate steering shaft could cause a "loss of steering," presumably because of a partial or complete failure of the part. The report points out the dealers will inspect and replace the offending steering component for recalled cars, and may also secure a lower steering column bearing and replace the upper intermediate steering shaft as needed. The company is unaware of any reports of the faulty part causing any accidents or injuries.
Ford helpfully lists states in which corrosion is more likely to have taken place, mostly in the Snow Belt, as you might guess. Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, Wisconsin, West Virginia, and the District of Columbia are listed.

William Clay Ford Sr. dead at 88

William Clay Ford, retired vice chairman of Ford Motor Company and the last surviving grandchild of company founder Henry Ford, died this morning after a bout with pneumonia. He was 88.
Ford spent 57 years with his grandfather's company, joining the board of directors in 1948 before graduating from college. Ford also held a position as chairman of the design committee, as well as the chairman of the executive committee and vice chairman of the Board of Directors during his tenure with the company. In a 2013 Detroit Free Press story, retired CFO Allan Gilmour said Ford had an eye for design, and was once able to pick out when a fiberglass model of a Ford Contour was asymmetrical, off by an inch on one side. He retired and assumed the position of director emeritus in 2005.
"My father was a great business leader and humanitarian who dedicated his life to the company and the community," said Bill Ford, Jr., Ford's current executive chairman. "He also was a wonderful family man, a loving husband, father, grandfather and great-grandfather. He will be greatly missed by everyone who knew him, yet he will continue to inspire us all."

Fields 'required' to use private aircraft, could make $5.25M as Ford CEO this year

Mark Fields' travels on the friendly skies will soon be a relatively personal affair, as the new CEO at Ford will be required to resume air travel via the company's private planes. Fields caught plenty of flak in 2007 for flying on the company's dime to visit his family in Florida. He's since flown commercial.
According to Ford spokesperson Susan Krusel, who spoke to Bloomberg, Fields (pictured above right, with Bill Ford, Jr. at center and Alan Mulally at left) will switch to private travel "for safety and to maximize his availability for company business." In addition to his new travel arrangements, the 53-year-old exec's salary and bonuses have been revealed.
Regulatory filings by Ford revealed that Fields, whose first day in the big chair was July 1, will receive a base salary this year of $1.25 million and he'll be eligible for $3.5 million in bonuses, both of which are lower than Alan Mulally's $2 million salary and $5.88 million in bonuses received last year. That's also lower than General Motors CEO Mary Barra's alleged $1.6-million salary and considerably less than Sergio Marchionne's $3.19-million fixed salary from Fiat. Despite falling short of other CEOs, Fields' new pay still represents a 33-percent increase over his pay as Chief Operating Officer.