DEARBORN, Mich. — Ford Motor Co. announced this week that Mike Bannister, executive vice president and chairman and chief executive officer of the OEM's financial arm, Ford Motor Credit Co., has elected to retire effective Jan. 1.

After 39 years of service, Bannister will be succeeded by Bernard Silverstone, who will be named group vice president and chairman and CEO of Ford Motor Credit, officials shared.

"Mike Bannister is an absolutely world-class business leader who knows how to bring people together to deliver outstanding results," said Alan Mulally, Ford president and CEO. "We are so grateful for Mike's longstanding service to Ford, and we know that employees and dealers around the world will long treasure his partnership and leadership."

Highlighting the new group VP, chairman and CEO, Silverstone has served at Ford Credit for 33 years and will continue Ford Credit's strategies to improve and expand its business and profitably support Ford's growth plans, officials said.

Commenting on his successor, Bannister said, "Bernard's broad global experience and consistent delivery of profits and distributions will ensure Ford Credit's continued value to the Ford enterprise.

"Bernard also is deeply committed to building on our strong relationships with Ford dealers, customers and employees," he added.

Silverstone was just named to his present position as chief operating officer of Ford Credit in January and previously led Ford Credit's marketing and sales operations globally and the company's International Operations, which covers all Ford Credit business outside the U.S. and Canada.

Before that, he served as chairman of Ford Credit Europe.

Silverstone joined Ford Credit Britain in 1979 and has held a wide variety of staff, operations and leadership positions in the North American, European and Asia Pacific regions, the company added.

Commenting on his new role with the company, Silverstone said, "Mike (Bannister) is one of the most respected leaders in our business. I am honored to continue guiding Ford Credit along the path set by Mike and our leadership team. I look forward to an even closer working relationship with Ford and supporting the company's plan toward profitable growth for all with unparalleled support for our dealers and customers."

Bannister's Tenure

Highlighting Bannister's tenure with the company, the executive was appointed Ford Credit chairman and chief executive officer in 2004.

"Bannister set a high standard for consistent, quality lending through all economic cycles, transformed the finance company's global business structure to improve efficiency, sharpened the focus on supporting Ford and Lincoln sales, and continually improved service to dealers and customers," officials said.

Also, under his leadership, Ford Credit provided distributions of more than $15 billion to support Ford's business, the company shared.

Before serving in his current role, Bannister was president and chief operating officer of Ford Credit. He also served as president of Ford Credit International, leading the company's operations in Asia Pacific, Europe and Latin America.
Before that, he was chairman of Ford Credit Europe. He joined Ford Credit in 1973.

"It has been an honor and privilege to work with a great team over the years around the world in building our outstanding auto finance organization," Bannister said. "The company is well positioned and ready to help write the next chapter of the Ford story."

And the executive plans to stay busy.

Bannister continues to serve on the boards of directors for the Federal Reserve Bank of Chicago's Detroit Branch, the national Council for Economic Education, YMCA of Metropolitan Detroit and the Detroit Investment Fund Board, a Detroit Renaissance economic development initiative, as well as trustee of the philanthropic Community Foundation for Southeast Michigan.