Ford Credit Appoints David Cosper Chief Financial Officer

DEARBORN, Mich., Feb. 20 -- Greg Smith, chairman and CEO of Ford Motor Credit Co., today announced that David Cosper, presently assistant treasurer of Ford Motor Company, will become Ford Credit's new chief financial officer, effective April 1, 2003.

Cosper, who will also serve as executive vice president of Ford Credit, brings a wealth of experience to the job, having previously served as vice president and treasurer of Ford Credit in 1998 and 1999. He also held a number of positions at Ford since joining the company in 1979. In his new position, Cosper will have responsibility for all financial planning, analysis, and accounting activities of Ford Credit's global operations; he will also continue to work with Ford Treasury in driving strategic funding initiatives

During his tenures in both organizations, Cosper managed business strategies and developed policies for securing low-cost funding, as well as reducing risk. Cosper earned a master's degree in business administration from Michigan State University in 1978, and a bachelor's degree in finance from the same institution.

"Dave's leadership skills and background in the vital funding arena make him a tremendous asset to Ford Credit," Smith said. "We welcome him back."

Cosper replaces Bibiana Boerio, who will return to Ford Motor Company as finance and strategy director of Ford's International Operations. In her new position, she will report to David Thursfield, executive vice president, and president, International Operations.

Ms. Boerio served as Ford Credit's executive vice president and CFO for more than two years, previously serving as finance director for Jaguar Cars, Ford's wholly owned subsidiary, based in Coventry, England, from 1995 until October 2000. At Jaguar, she was responsible for providing financial support and business strategy for the design, development, manufacture and sale of Jaguar's premium luxury vehicles around the world.

"We will sorely miss Bibie, whose strategic insight helped to build strong financial and accounting discipline and proactive investor relations at Ford Credit," Smith said. "She guided us through a tough economic period, and she now brings that tremendous breadth of knowledge, expertise and energy to Ford Motor Company."

Prior to joining Jaguar, Boerio held a number of finance positions in Ford Motor Company in product development, manufacturing, sales and corporate profit and business planning. She also served as an Assistant Controller at Ford Credit from 1988 to 1991.

Boerio graduated with highest honors from Seton Hill College in Greensburg, PA, with a degree in retailing, and earned a master's degree in business administration in accounting from the University of Pittsburgh Graduate School of Business.

Ford Credit is a wholly owned subsidiary of Ford Motor Company and is the world's largest automotive finance company. Now in its 44th year, Ford Credit provides vehicle financing in 36 countries to more than 11 million customers and more than 12,500 automotive dealers. More information can be found at www.fordcredit.com and at Ford Credit's investor center, www.fordcredit.com/investorcenter/.