Former Ford Motor Company (NYSE:F)’s CEO Allan Mulally has settled speculation of what he was going to do after leaving Ford by joining giant search engine Google Inc. (NASDAQ:GOOGL) Board of directors. Google has confirmed Mr. Mulally will serve in its audit committee
“If you were wondering what former Ford CEO Allan Mulally was going to do with his spare time. This is going to be one of them. Allan Mulally former CEO of Ford is going to join Google board of directors.” said CNBC’s Dominic Chu
Mulally on joining Google Inc. (NASDAQ:GOOGL) will receive an initial grant of $1 million in Google stock with an additional equity award of $350,000 and $75,000 in cash as well as other reimbursement expenses. The appointment of Mulally comes less than two months after Google Inc. (NASDAQ:GOOGL) unveiled its self-driving car a move that General Motors Company (NYSE:GM) has already accepted could be a major threat in terms of competition.
Mulally is accredited of having achieved lot at Ford Motor Company (NYSE:F), where he moved from The Boeing Company (NYSE:BA) in 2006. Some of the achievements he attained at Ford Motor Company (NYSE:F) include globalizing some car models, reducing production costs as well as boosting technology and overhauling the automakers models with fuel efficient vehicles.
The appointment of Mulally comes as Google Inc. (NASDAQ:GOOGL) prepares to deploy at least 100 autonomous vehicles as early as next year. The new Google cars will have a top speed of up to 25 miles an hour without any steering wheel, brakes or accelerator pedals. There has been a push by major automakers in the industry who are investing heavily in research and development for potential development of autonomous vehicles.
Google Inc. (NASDAQ:GOOGL)’s CEO Larry page in a statement said “Alan brings a wealth of proven business and technology leadership experience. I am so pleased that Alan is now Joining Google board.”
The appointment of Mulally is in line with Google Inc. (NASDAQ:GOOGL) plans of expanding its business beyond the traditional desktop web search which continues to experience competition from the use of applications in smartphones and tablets.
Mulally also welcomed his appointment into Google Inc. (NASDAQ:GOOGL)’s Board saying “I am honored to serve on the board of a global iconic company that is dedicated to enhancing ourselves, I look forward to working together with Google Board and management.”