American Icon: Alan Mulally and the Fight to Save Ford Motor Company by Bryce G. Hoffman

Alan Mulally, the man credited with saving the Ford Motor Company from its near-disastrous collapse in the late 2000s, is often referred to as an “American Icon”. Mulally was brought in from outside the auto industry to lead a restructuring campaign that saved Ford from the bankruptcies of General Motors and Chrysler.

The seeds for Ford’s financial crisis had been planted years before Mulally arrived, but following a 2006 revelation by ratings agency Standard & Poor's that the 100-year-old, family-run auto giant was “at risk of extinction”, the company was in desperate need of a saviour. Enter Alan Mulally, an aerospace executive and engineer with a spectacular record of success who, at least on the surface, appeared to have the attributes and insight needed to lead Ford back to profitability.

This is the story of Alan Mulally’s fight to save Ford, as told by Bryce G. Hoffman in his book, American Icon: Alan Mulally and the Fight to Save Ford Motor Company. From the moment he arrived in late 2006, Mulally was a man on a mission. In the face of hostility from Ford’s old guard, Mulally implemented groundbreaking changes and pushed the company to adopt a new ‘One Ford’ approach, focused on global collaboration and unified strategies.

Mulally’s willingness to face down the establishment and deliver bold new solutions was striking. He killed programs, sold off assets, and built a $23 billion cash war chest to sustain his transformation. He sold off the luxury brands of Jaguar and Land Rover, consolidated parts suppliers, and cut jobs in Europe, North America, and South America alike. Through it all, Mulally pushed for a focus on producing smaller, fuel-efficient cars that would meet customer needs without sacrificing quality or iconic Ford design.

Mulally also found creative ways to lever Ford’s resources to maintain the company’s competitive edge. He introduced new product initiatives, such as shared platform engineering and the development of all-electric vehicles, and invested heavily in technology—from developing new powertrains to experimenting with alternative fuels. He was also willing to take tough, unpopular decisions, including reorganizing the executive team and pushing for cooperation between Ford’s rival divisions.

Ford was not an easy turnaround, but ultimately, Mulally’s efforts paid off. The company posted its first quarterly profit since 2005, and in 2010 announced it had paid off the remainder of its loan to the US government—five years ahead of schedule. The company went further still, investing in new plants and launching innovative new vehicles.

The Ford Motor Company’s remarkable turnaround was a remarkable accomplishment, and Alan Mulally was the driving force behind it. Through his always-forward-looking vision, he showed the world that even some of the greatest challenges can be overcome. American Icon: Alan Mulally and the Fight to Save Ford Motor Company is an inspiring story of one man’s bold, decisive leadership in the face of seemingly insurmountable odds.