Phil Caldwell, who died last week at 93, was a
self-described non-car guy -- a planner and plodder to the core in an era of
larger-than-life car executives. He came across as bland, yet the ex-Ford
chairman goes down as one of the auto industry's all-time great risk-takers. He
almost certainly saved Ford Motor Co. in the 1980s by fervently backing the
first-generation Taurus -- a midmarket sedan with an eccentric shape that many
inside Ford thought was a disaster waiting to happen.
"Betting the company" is an overused phrase in the
industry, but Caldwell really did it -- and he won. It was the last act in a
momentous auto career. He died at his home in New Canaan, Conn., his family
said. The cause was complications of a stroke. Caldwell followed in the
footsteps of more famous executives. He became president of Ford in 1978 after
Henry Ford II fired Lee Iacocca.
"Hank the Deuce," grandson of founder Henry Ford,
then chose Caldwell as his successor, first as CEO in 1979 and as chairman the
following year. He was "remarkably cool and resolute in a crisis,"
wrote Paul Ingrassia and Joseph B. White in their 1994 book, Comeback: The Fall
and Rise of the American Automobile Industry. He "had enormous analytical
skills and the determination to examine any problem from every conceivable
angle," they wrote.
As president and then CEO, Caldwell presided over a
turnaround. Ford endured almost $3.3 billion of losses during two U.S.
recessions from 1980 through 1982, as well as questions over the design and
safety of its Pinto model. "Philip Caldwell had a remarkable impact at
Ford Motor Company over a span of more than 30 years," Executive Chairman
Bill Ford said in a statement.
"Serving as CEO and later as Chairman of the Board of
Directors, he helped guide the company through a difficult turnaround in the
1980s and drove the introductions of ground-breaking products around the globe.”His
dedication and relentless passion for quality always will be hallmarks of his
legacy at Ford. Our thoughts and prayers go out to his family."
During his rise within the company, Caldwell had impressed
his bosses by helping introduce the popular Fiesta. On his watch as CEO, Ford
invested $3 billion in the Taurus, which became the best-selling car in the
United States.