Jac Nasser has been ousted from his position of chief executive of the Ford Motor Company and will be succeeded by William Clay Ford, who will also continue as chairman of the board.

Nick Scheele, Ford North America group vice president, has been made chief operating officer and president of Ford Automotive Operations. He also takes a place on the board of management.

The news of Mr Nasser's departure this afternoon confirms weeks of speculation on his position at Ford in the media. A statement issued by Ford said he was 'retiring' from the company immediately. “As Jacques moves on to new challenges, I want to personally thank him for his hard work and energy over the past 33 years,” Mr Ford said. “He has made many significant contributions to our business operations around the world and we all appreciate his dedication.”

He went on to say: “Ford Motor Company has many strengths, including great products, strong brands, outstanding dealers and suppliers and the best employees in the world. These changes will help us build a stronger company.”