The board of directors of Ford Motor Co. announced that William Clay Ford Jr. has been named chief executive officer and continues as chairman of the board. Nick Scheele is appointed chief operating officer of the company and president, Ford Automotive Operations. He is also a member of the board. Jacques Nasser is retiring from the company, effective immediately. Carl Reichardt, retired chairman and chief executive officer of Wells Fargo and Co., is named vice chairman reporting to Ford. He also will become the chairman of the board’s finance committee.

Originally posted on Fleet Financials