Ford Motor announces resignation of Bond, Ollila from Board - Update

(RTTNews) - Ford Motor Co. (F) announced the resignation of John Bond and Jorma Ollila from its Board of Directors, who have important responsibilities in their companies in Europe. Both have been in the Board since 2000.

Bond is non-Executive Chairman of the Vodafone Group Plc. (VOD), in England. Ollila is the non-Executive Chairman and former Chief Executive Officer of Nokia Corp. (NOK), in Finland and non-Executive Chairman of Royal Dutch Shell Plc. (RDS-B), in The Netherlands.

Bond and Ollila cited inability to devote additional time and pursue international travel required of them in the current unprecedented environment and rapidly changing auto industry, as reasons for their resignation.

Bond also served as the member of the Finance Committee of the Board and was the consultant and senior advisor to the company’s executive chairman, William Clay Ford. Bond would continue to act as an advisor to William Ford, though his paid consultancy agreement expired on October 17, 2008.

Ollila served as the member of the Audit Committee and the Nominating and Governance Committee of the Board.

Shares of Ford closed Friday’s trading session at $2.43, up 7.05%, on a volume of about 65.6 million shares.

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