Ford Motor Co. Names Head of Finance Panel

William Clay Ford, 62, has been named chairman of Ford Motor Co.’s powerful finance committee, succeeding his brother, Henry Ford II, who chaired the committee until his death Sept. 29.

Ford also is a vice chairman of the company and a member of the office of the chief exeuctive. He continues as chairman of the executive committee.

Ford, Henry Ford’s grandson, is the largest single shareholder and the only Ford left on the board. The family maintains 40% of the voting power of all Ford stock.

But before Henry II’s death, William Clay was rarely deeply involved in Ford’s business. In a notable exception, he sided with former Ford President Lee A. Iacocca during his feud with Henry.

The finance committee deals with matters of policy and management of the company’s financial affairs.