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Ailing Ford will explore selling assets, possible alliances with other automakers

Bryce G. Hoffman / The Detroit News

Ford Motor Co. has hired a mergers-and-acquisitions expert to lead a review of its business units as the automaker struggles to restore its North American operations to profitability.

Ford's decision to hire Kenneth Leet, a former investment banker for Goldman Sachs and Bank of America, was first reported in the Wall Street Journal Wednesday. Leet will report directly to Chairman and CEO Bill Ford Jr. and is expected to begin by taking a close look at the company's money-losing Jaguar brand.

The move also comes as Ford braces for a possible alliance between rival General Motors Corp. and the Nissan Motor Co.-Renault SA partnership, according to sources familiar with the move.

The decision to explore the sale of some Ford assets or possible alliances with other automakers was prompted by unexpectedly severe financial headwinds in the North American market, Ford sources said.

The company is reeling from a $123 million second-quarter loss and the continuing erosion of its domestic market share. On Tuesday, Toyota Motor Corp. passed Ford to become the second largest automobile company in the United States.

You can reach Bryce Hoffman at (313) 222-2443 or bhoffman@detnews.com.