Investors skeptical Ford CEO change will revive stock price
NEW YORK Ford Motor Co's unexpected decision to replace its chief executive officer on Monday may not be the catalyst that revives its slumping share prices.
Dec 26 Toyota Motor Corp has agreed to pay more than $1 billion to settle U.S. litigation over claims that its vehicles suddenly and unintentionally accelerated, according to court filings made public on Wednesday.
The deal, which must be approved by a California federal judge, includes direct payments to customers as well as the installation of a brake override system in about 3.25 million vehicles, plaintiff attorneys said.
The terms include a $250 million fund for former Toyota owners who sold vehicles at reduced prices because of bad publicity, and a separate $250 million fund for owners not eligible for the brake override system.
Plaintiff attorneys are slated to receive up to $200 million in fees and $27 million in costs, according to court documents.
WASHINGTON/DEARBORN, Mich. Ford Motor Co abruptly named James Hackett as chief executive on Monday, responding to investors' growing unease about the U.S. automaker's slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.
HANOVER, Germany Some Volkswagen managers are struggling to adapt to the German carmaker's drive to improve accountability after its diesel emissions fraud, its chief executive said, suggesting it could take years to establish a new corporate culture.