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Ford Executive Ken Whipple to Retire

21 August 1998

Ford Executive Ken Whipple to Retire; Philippe Paillart Named New CEO of Ford Credit

    DEARBORN, Mich., Aug. 21 -- Ken Whipple, executive vice
president of Ford Motor Company and president of Ford's Financial
Services Group, has elected to retire at the end of the year, Ford Chairman
Alex Trotman announced today.  Whipple also has served as chairman and chief
executive officer of Ford Credit since March 1997.
    "Ken's unique and valuable contributions have added significantly to
Ford's financial health," said Trotman.  "I admire and appreciate greatly all
that he has done for us.
    "I have asked Ken to assist us in making a smooth transition of management
at Ford Credit," Trotman added.
    Philippe Paillart has been named chairman and chief executive officer of
Ford Credit, effective Sept. 1.  Paillart, 47, has been the group executive
director of Standard Chartered Bank of London, England, since 1995, which
included heading its retail banking activities as well as corporate strategy.
Paillart will report to Trotman.
    "Philippe Paillart brings a wealth of experience in creating, growing and
successfully managing financial services businesses internationally," said
Trotman.  "In addition, his years with Renault give him a keen understanding
of the automotive industry and the marketing opportunities for an automotive
manufacturer's financial services company.
    "Ford Credit has been changing and growing during the past decade in its
services to automotive customers all over the world," Trotman added.  "And the
customer of the 21st century will demand an even larger array of financial
services that Ford Credit will be able to deliver."
    Ford Credit is the world's largest company dedicated to automotive
finance.  A wholly owned subsidiary of Ford Motor Company, it provides
automotive financing to millions of customers in 36 countries.

    Biography:  Kenneth Whipple
    Whipple, 63, has held a variety of assignments during his 40 years with
Ford.  In addition to leadership positions in financial services, he served as
head of the Ford corporate strategy staff from 1984 to 1986 and chairman and
CEO of Ford of Europe from 1986 to 1988.  In 1989, he led the team that
acquired The Associates, which reported to him during the nine-year period of
Ford ownership.
    He is an established leader in the financial services industry, serving as
a member of the Board of Governors of the World Economic Forum for Financial
Services and chairman of the U.S.-based Coalition of Service Industries'
Financial Services Group.  As co-chairman of the Financial Leaders Group, a
team of international financial executives, Whipple had substantial impact on
the landmark financial services agreement reached by the World Trade
Organization last year.
    Whipple also has a distinguished record in community service in the
Detroit area.  He serves as chairman of the board for WTVS, the local public
television station.  He also serves as vice chairman and former chairman for
the United Way Community Services board, where he led the team that set a
Torch Drive fundraising record which still stands today.
    A native of Detroit, he joined Ford in 1958 after graduating from
Massachusetts Institute of Technology with a bachelor's degree in business and
engineering.  He was named a vice president of Ford Motor Company in 1984 and
an executive vice president in 1988.

    Biography:  Philippe Paillart
    Paillart joined Renault in 1975 as the chief economist of the Renault
group and a member of the group strategic planning committee.  Other
assignments during his nine years at Renault included head of the Renault USA
marketing group based in Detroit, which was responsible for product planning,
marketing, sales and service.  He also was part of the acquisition and
integration team for the American Motors acquisition, starting in 1978.
    He joined Citibank in London in 1984, first serving as Diners Club
International's director of strategic planning and marketing in Europe, Middle
East and Africa.  He moved to Germany in 1986 as chief of staff of Citibank's
Central European region and head of planning and development of Citibank
Germany, later rising to general manager of international personal banking
activities in Europe, Middle East and Africa.
    Paillart holds degrees in economics, law and business administration from
University of Paris and Paris Business School.  He is fluent in French,
English and German.