This is a partial transcript from Your World with Neil Cavuto, April 17, 2002. Click here for complete access to all of Neil Cavuto's CEO interviews.
NEIL CAVUTO, HOST: No departure from the usual these days at Ford (F). The company reporting its fourth straight quarterly loss today, $108 million, excluding a huge restructuring charge. As you know, the company unveiled a major turnaround plan at the beginning of the year. But will it do it any good?
Joining me now is Martin Inglis. He is the chief financial officer at Ford Motor Company. Mr. Inglis, thanks for joining us.
MARTIN INGLIS, CFO, FORD MOTOR: Thank you.
CAVUTO: All right. I know you are trying to go forward and say things are going to start picking up, but there are a lot of people wondering, especially when they a look at your stock over the last year or so, whether you can pick these pieces up. Can you?
INGLIS: Well, it is hard to say. When you say you made a six-cent loss, that you are satisfied, but it was ahead of the analyst expectations. But very importantly, underpinning our first-quarter results with some really excellent movement on our revitalization plans. Our new models are launching very well, new Expedition, Navigator, Town Car. The quality is getting better and we are starting to address the cost. So I think it was a good start to the year.
CAVUTO: Well, what is wrong? I think we have a stock chart here, otherwise, make me a liar. But I think what your stock has just been tumbling, the mirror opposite at GM. Have you just been usurped?
INGLIS: Well, we looked at the overall issues that we had and that is why we needed a very substantial revitalization plan. It takes until mid-decade before we get back to the results that we think are appropriate for Ford Motor Company, and is being reflected in the stock at the moment.
CAVUTO: So mid-decade being, what, another couple of years off at least before things start moving?
INGLIS: That's correct. That is correct. But we...
CAVUTO: I don't know if investors are going to be that patient. What do you think?
INGLIS: Well, we are moving in the right direction. And I think results will be what investors are interested in rather than promises for the future. And we are starting to show results already, and our products are looking very, very good. And we will concentrate on execution, and we'll let the stock price take care of itself.
CAVUTO: All right. Now, sir, I would be remiss if I didn't mention this news that — and this I am sure wasn't exclusively your doing — but that Ford has gone ahead and paid your former chief executive, Jacques Nasser, a $17.8 million in salary, stock options, other compensation for last year. The guy botched it, right, and he gets an $18,000,000 good-bye present? It seems weird, doesn't it?
INGLIS: Well, I think for the shareholder out there, they should have a look at the fact that we and Ford have committed to a $2 billion reduction in costs outside of the product arena this year.
CAVUTO: But you did not reduce his costs.
INGLIS: We are going to bring our costs through the bottom line, as I say, and meet the results that are necessary for the company to be successful.
CAVUTO: But, sir, you know, you did not reduce his costs. You're still paying him, and he got fired. So, a lot of workers who are going to realize that things are going to start being downsized but quick, they are looking at that and saying, something is not right.
INGLIS: We need to focus our attention on what we can do moving forward rather than looking over our shoulder at the past, and that is what we are going to do.
CAVUTO: All right. So you do not have any regrets or think it is weird, this whole Nasser payment, or no?
INGLIS: I think we need to deliver results for Ford, some great products, some great quality and some great investor results. And then, everything else will become insignificant.
CAVUTO: All right. Mr. Inglis, thank you very much.
INGLIS: Thank you very much.
CAVUTO: Martin Inglis, the Ford Motor CFO.
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