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Kim Casiano Elected To Ford Motor Co. Board

Ford Chairman Bill Ford hails her leadership in U.S. Hispanic business community; Casiano becomes one of highest-ranking Hispanics in corporate America


December 18, 2003
Copyright © 2003 CARIBBEAN BUSINESS. All Rights Reserved.

Kimberly Casiano, president & chief operating officer (COO) of Casiano Communications, publisher of CARIBBEAN BUSINESS, was elected to the board of Ford Motor Co., the automotive giant announced in a press release Monday.

"Kim is a respected leader and entrepreneur in the world of magazine publishing and in the U.S. Hispanic business community," said Ford Chairman & CEO Bill Ford. "We welcome her election to the board and look forward to the significant contributions she will make to our company’s success. In Casiano, we have a respected entrepreneur with valuable insights into two key constituencies of the company: the small businesses that run our franchised dealerships and the citizens who make up America’s fast-growing Hispanic community."

Casiano said, "The Ford Motor Co. is truly a legend in the history of American business, and to play a leadership role at such an institution is a great honor. It’s a responsibility I look forward to fulfilling, particularly as the Ford Motor Co. continues as a global industry leader."

Casiano’s appointment, which is effective immediately, increases the number of company directors to 15.

Other board members include former U.S. Treasury Secretary & Citigroup Executive Committee Chairman Robert Rubin, Nokia Corp. Chairman & CEO Jorma Ollila, former Goldman Sachs President & co-COO John Thornton, retired Hallmark Cards President & CEO Irvine Hockaday Jr., Hong Kong Shanghai Bank Group Chairman Sir John R. H. Bond, Hudson Institute Senior Fellow Marie-Josee Kravis, and former The Tropicana Beverage Group President & CEO Ellen R. Marram.

Casiano, who graduated magna cum laude from Princeton University and obtained a master’s degree in business administration from Harvard University, is the first Hispanic woman to be elected to Ford’s board. She is a member of the board of trustees of the Hispanic College Fund, a national organization that awards more than 1,500 scholarships to Hispanic youth each year. She also recently concluded an appointment by the U.S. Treasury secretary to the U.S. Savings Bond National Committee.

Casiano’s appointment to the board of Ford, the fourth-largest company on the Fortune 500 list, makes her one of the highest-ranking Puerto Ricans, if not the highest, and probably the highest-ranking Hispanic woman in corporate America. Cuban-born Armando Codina, a Miami-based commercial real-estate developer, serves on the board of General Motors, the U.S.’ second-largest company. Banco Popular Chairman, President & CEO Richard Carrion is a board member of Verizon Communications, the U.S.’ 10th-largest company.

For the three-quarter period ended Sept. 30, Ford reported total sales and revenue of $118.5 billion (including automotive sales of $98.7 billion and financial services revenue of $19.7 billion), down slightly from the $121 billion reported for the same period in 2002.

Net income for the period amounted to $1.3 billion, a turnaround from the $850 million loss reported for the first three quarters of 2002. As of Sept 30, 2003, the company had total worldwide assets of $295.2 billion.

Ford Motor Co., with headquarters in Dearborn, Mich., is the world’s second-largest automaker, with approximately 335,000 employees in 200 markets around the world, down slightly from the 350,000 it had last year. In 2002, the company paid a total worldwide payroll of $18.3 billion, $11.3 billion of that in the U.S. alone.

Besides Ford, its auto brands include Aston Martin, Jaguar, Land Rover, Lincoln, Mazda, Mercury, and Volvo. Its automotive-related services include Ford Credit, Quality Care, and Hertz. The company celebrated its 100th anniversary on June 16.

This Caribbean Business article appears courtesy of Casiano Communications.
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