Ford Motor Credit Co. announced that CEO and Chairman Mike Bannister will retire after 39 years with the company. Bannister will be leaving the company on Jan. 1, 2013.
Bannister was named CEO in 2004 after working his way up through the company. He was previously COO of Credit Europe, COO of Ford Credit, and president of Ford Credit International according to a Ford press release.
He will be replaced by Bernard Silverstone, Ford Credit's COO since last Jan., who will be named group vice president, chairman and CEO of Ford Motor Credit
"It has been an honor and privilege to work with a great team over the years around the world in building our outstanding auto finance organization," said Bannister in a press conference. "The company is well positioned and ready to help write the next chapter of the Ford story."
During his time as CEO and Chairman, Bannister changed the way the company was recognized around the world by preaching consistence, quality and by transforming the company's global business structure according to the press release.
Under Bannister, the company provided distributions of more than $15 billion to support Ford's business according to the press release.
"Mike Bannister is an absolutely world-class business leader who knows how to bring people together to deliver outstanding results," said Alan Mulally, Ford president and CEO in a press conference. "We are so grateful for Mike's longstanding service to Ford, and we know that employees and dealers around the world will long treasure his partnership and leadership."
Silverstone has been with Ford Credit for 33 years and previously was the chairman of Ford Credit Europe and the head of Ford Credit's marking and sales operations according to the press release.
Ford Credit, founded in 1959, trails only Toyota Financial Services in U.S. market share, according to Experian Automotive.
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