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NEW YORK – Beleaguered Ford Motor Co. Tuesday replaced president/CEO Jacques Nasser with Chairman William Clay Ford Jr., great grandson of company founder Henry Ford. The 44-year-old is the first family member to have operational control of the Dearborn, Mich.-based automaker since Henry Ford II stepped down as CEO in 1979.
In addition, Nick Scheele, vice president for North America, has been named chief operating officer and Carl Reichardt, the 69-year-old former chairman of Wells Fargo, was named vice chairman.
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