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Originally Posted by ArcAngel
Actually no. Ford is different than GM and Chrysler the Ford family still has a majority control and final say. Its run more like a family owned LLC than a corporation
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The Ford family doesn't have majority control. They've got a 6% stake and three seats out of 15 on the board. However, they've got founders stock so that 6% allows them roughly 40% of the vote on board decisions. So in essence, pretty much everyone has to disagree with the Ford board members but it can easily be done.
Honestly though, RARELY do CEO's step down on their own. Generally they are asked and the board finds a replacement CEO. CEO's aren't usually fired or removed in any public manner (lucky them!) because it looks bad for the company. They almost all just 'resign on their own free will.'
Maybe that didn't happen in this case, I don't know, but generally that is what happens.