DEARBORN, Mich., Oct. 30– The Board of Directors of Ford Motor Company today announced that William Clay Ford Jr. has been named chief executive officer and continues as chairman of the board.

Nick Scheele is appointed chief operating officer of the company and president, Ford Automotive Operations, effective immediately. He also is elected a member of the board.

Jacques Nasser is retiring from the company, effective immediately. "As Jacques moves on to new challenges, I want to personally thank him for his hard work and energy over the past 33 years," Mr. Ford said. "He has made many significant contributions to our business operations around the world and we all appreciate his dedication."

Carl Reichardt, retired chairman and chief executive officer of Wells Fargo and Company, is named vice chairman reporting to Mr. Ford. He also will become the chairman of the board’s Finance Committee. Reichardt has been a member of Ford's board since 1986.

Martin Inglis, chief financial officer, and Don Winkler, chairman and CEO of Ford Financial, which includes the company’s credit, leasing and rental operations, will report to Reichardt. John Rintamaki will report to Mr. Ford as chief of staff.

"Carl brings a wealth of experience from his leadership of Wells Fargo and he's known Ford Motor Company for the last 15 years as a member of our board," Mr. Ford added. "During Carl's tenure as Wells Fargo CEO, the company's stock rose 1,668%."

"I am pleased to be able to further contribute to the Ford Motor Company," Reichardt said, "especially in meeting the challenges that the company currently faces." Reichardt joins Ford after 30 years at Wells Fargo. He was named president of the company in 1978 and chairman and chief executive officer in 1983.

James Padilla is named group vice president, Ford North America, succeeding and reporting to Scheele.

In his expanded role, Bill Ford will set the company's objectives and focus on corporate, financial and strategic issues, the overall direction for the future of the company and strengthening relationships with key business partners including suppliers, dealers, customers and employees. Scheele will be responsible for the global automotive business. Padilla will be responsible for all operations of Ford brand cars and trucks in North America.

"I am both proud and determined to lead the company forward as we face some difficult challenges," Mr. Ford said. "There is nothing more important to me than the continued success of the Ford Motor Company. We want to have an even greater impact on the world in our next 100 years than we did in our last 100."