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Donald E Petersen portrait painting by Michele Rushworth
September 4, 1926 |
Pipestone, Minnesota, United States
Born in Pipestone, Minnesota, Petersen served in the U.S. Marine Corps in World War II and the Korean War. He received his BSME from the University of Washington in 1946 and joined Ford in 1949 after receiving his MBA from the Stanford Graduate School of Business.
Donald E. Petersen became Chairman of the Board and Chief Executive Officer of Ford Motor Company on February 1, 1985. Prior to his election as Chairman, Petersen was President and COO (Chief Operating Officer) from March 13, 1980. He was a member of the Board of Directors from September 8, 1977 until his retirement in February 1990.
Hailed a "Most Valuable Person" of 1988 by USA Today and "CEO of the Year" by Chief Executive magazine in 1989, Petersen transformed Ford with his inclusive, team-oriented management style.
Petersen was famously known for instructing the Ford design staff to design vehicles they would be proud to buy and park in their own driveways. This change in philosophy came about after he was answered in the negative as he inquired of a Ford designer whether he was proud of the design he was working on. This watershed event culminated in the groundbreaking and wildly successful design of the Ford Taurus and Mercury Sable twins which pulled Ford out of its financial doldrums of the early 1980s and provided the motivation and profit which carried Ford for the next decade.
Petersen's relationship with members of the founding Ford family became strained after he opposed the nomination of founder Henry Ford's great-grandsons, Edsel Buell Ford II ("Edsel") and William Clay Ford Jr. ("Billy", "Bill Jr.", and later just "Bill") to certain committees of the board of Ford in the wake of the death of family patriarch and former Ford Chairman & CEO Henry Ford II in 1987. Petersen's primary motivation was to permit more time to pass before a decision was made concerning the futures of the two young Fords. The widening of this schism later cut short Petersen's tenure at Ford, after a high-profile and public disagreement spilled over into the press regarding differences in strategic direction between Petersen and the members of the Ford family. These differences were largely due to Petersen's purchase of the bankrupt Jaguar Cars company after a bidding war between Ford and General Motors. In this case, the press did not have the story straight, as Petersen had indicated his plan to retire, before the decision was made to acquire Jaguar. In the years since, Ford contributed major managerial resources to and several times recapitalized Jaguar with no subsequent return of investment. Ford eventually divested itself of the Jaguar asset on June 2, 2008. Today, Jaguar is quite profitable. He was succeeded by Harold "Red" Poling.
Petersen has, at various times, held director-level board positions at The Boeing Company, Dow Jones & Co., the Hewlett-Packard Company, Capital Research and Management Company (mutual funds), Axicon Technologies, Juran Center for Leadership in Quality (Member, Exec. Advisory Board), College of Arts & Sciences at the University of Washington (President, Advisory Board) and Long Shadows Vintners. A portrait of Petersen, painted by artist Michele Rushworth hangs in the Petersen Room in the Allen Library at the University of Washington.
Petersen and his wife, Jo Anne, reside in Bloomfield Hills, Michigan, Seattle, Washington, and Montecito, California. They have two children, Leslie Price (who was born in 1956), and Donald L. Petersen (who was born in 1958). Leslie Price has a daughter named Joanne Price.
|Chief Executive Officer of the Ford Motor Company
Harold Arthur Poling