Ford secured financing early, ran one plan and made the truth visible every week.

Ford lost $12.7 billion in 2006, as reported, and its US market share had fallen in each of the previous five years, from 21.1% to 17.1%^{9898. Ford Motor Company. (2007, January 25). Fourth-quarter and full-year 2006 results [Exhibit 99]; and Annual report on Form 10-K for 2006. U.S. Securities and Exchange Commission.}. Alan Mulally, a 37-year Boeing veteran, became chief executive in September 2006^{9999. NPR. (2006, September 5). Boeing’s Mulally to replace Bill Ford as Ford CEO.}.

Finance first. In December 2006 Ford raised $23.5 billion, securing most of it on substantially all of its domestic assets, including the Blue Oval trademark^{100100. Ford Motor Company. (2007). Sustainability report 2006/7: Obtaining and maintaining adequate liquidity; and Statement on Ford investment grade rating by Moody’s Investors Service (2012, May 22).}. The money was raised before the crisis of 2008–2009, not during it: an option bought while it was still available.

One plan, one team. The One Ford plan had four points: restructure to operate profitably at current demand, accelerate new products customers want, finance the plan and improve the balance sheet, and work together effectively as one team^{101101. Ford Motor Company. (2012). 2011 annual report (the One Ford plan); and Ford statement on investment grade (2012, May 22).}. Brands outside the core were sold: Aston Martin, Jaguar Land Rover and Volvo^{102102. Ford Motor Company press releases: Aston Martin sale (2007, March 12); completion of the sale of Volvo to Geely (2010, August 2); and Tata Motors and Jaguar Land Rover, Tata Motors completes acquisition of Jaguar Land Rover (2008, June 2).}. Five global vehicle architectures were to carry about 75% of sales worldwide^{101101. Ford Motor Company. (2012). 2011 annual report (the One Ford plan); and Ford statement on investment grade (2012, May 22).}.

A control system that made the state visible. Every Thursday at 7 a.m., Mulally’s leadership team reviewed more than 300 charts, each color-coded red, yellow or green^{103103. Bloomberg Businessweek. (2011, February 3). The happiest man in Detroit.}. When Mark Fields showed the first red chart, he recalled, “there was a lot of tension in the room. Then Alan clapped.”^{104104. Bloomberg Businessweek. (2012, November 15). Ford’s slow-motion CEO succession plan.} Mulally’s rule was simple: “You can’t manage a secret.”^{7575. Kiley, D. (2007, June 4). The new heat on Ford. BusinessWeek [reposted by NBC News].}

Ford avoided the federal bailouts that rescued its US rivals in 2009, although it did use Department of Energy loans for advanced vehicles, since repaid^{105105. U.S. Department of Energy, Loan Programs Office. Ford [ATVM loan profile]; and Seetharaman, D., & Lienert, P. (2012, November 2), Ford sets succession plan, Mulally staying through 2014, Reuters.}. It returned to profit with net income of $2.7 billion in 2009 and $6.6 billion in 2010, and in 2009 gained US market share for the first full year since 1995^{106106. Ford Motor Company. 2009 annual report and 2010 annual report.}. It regained an investment-grade rating in 2012, and the Blue Oval was released from collateral^{100100. Ford Motor Company. (2007). Sustainability report 2006/7: Obtaining and maintaining adequate liquidity; and Statement on Ford investment grade rating by Moody’s Investors Service (2012, May 22).}.