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Detroit automakers mulling helping DIA avoid bankruptcy looting

It's not really a secret that the city of Detroit is in lots and lots of trouble. Even with an emergency manager working to guide it through bankruptcy, a number of the city's institutions remain in very serious danger. One of the most notable is the Detroit Institute of Arts, a 658,000-square-foot behemoth of art that counts works from Van Gogh, Picasso, Gauguin and Rembrandt (not to mention a version of Rodin's iconic "The Thinker," shown above) as part of its permanent collection.
Throughout the bankruptcy, the DIA has been under threat, with art enthusiasts, historians and fans of the museum concerned that its expansive collection - valued between $454 and $867 million by Christie's - could be sold by the city to help square its $18.5-billion debt.
Now, though, Detroit's hometown automakers could be set to step up and help save the renowned museum. According to a report from The Detroit News, the charitable arms of General Motors, Ford and Chrysler could be set to donate $25 million as part of a DIA-initiated campaign, called the "grand bargain." As part of the deal, the DIA would seek $100 million in corporate donations as part of a larger attempt at putting together an $816-million package that would be paid to city pension funds over 20 years. Such a move would protect the city's art collection from being sold off.

Britain orders 10,000 ventilators from F1/McLaren/Mercedes/Ford/Rolls-Royce/Airbus

Paramedics and ambulance personnel get instructions from a command unit outside London's ExCel Centre arena, which is being turned into a 4,000 bed temporary hospital called NHS Nightingale to deal with coronavirus patients. The hospital is due to open Monday, March 30. / AP     LONDON — Britain has ordered 10,000 ventilators from a consortium of leading aerospace, engineering and Formula One racing companies which will start production this week in response to an urgent government call for industry to help save lives. The 27-strong team, including Airbus, BAE Systems, Ford and Rolls-Royce, have joined forces to ramp up production of a ventilator made by Smiths Group, which supports those with complications from COVID-19. The consortium, which also includes seven Formula One teams including McLaren and Mercedes, home to World Champion Lewis Hamilton, said they had pulled staff off existing projects to meet the national need. Some 1,228 people have died from coronavirus in the United Kingdom and a senior health official said on Saturday the country would be doing well if it manages to keep the death toll below 20,000. "This consortium brings together some of the most innovative companies in the world," Dick Elsy, the head of the consortium, said in a statement. "I am confident this consortium has the skills and tools to make a difference and save lives." The United Kingdom, which initially only had 5,000 ventilators available in its National Health Service, has been trying to secure additional supplies after realising it needed 30,000 to cope with the peak of the outbreak. Prime Minister Boris Johnson, who is now in isolation in Downing Street after testing positive for coronavirus, made an emergency appeal earlier this month for manufacturers to retool their production lines and start making specialist health equipment including ventilators. Britain now has about 8,000 ventilators, with another 8,000 on order from international manufacturers that are due in coming weeks. Last week it placed an order for a newly-designed model from the vacuum cleaner company Dyson that will need to be approved by the health regulator. Mercedes part of a separate effort, too Separately on Monday a second consortium including Mercedes Formula One and other F1 teams said it had developed in less than a week a new version of a breathing aid that can help coronavirus patients.

It's Official: Ford Names Mark Fields Its Next CEO

Alan Mulally, the man who transformed Ford Motor Co. from a dysfunctional money-loser to a thriving company, will retire July 1 and be replaced by Mark Fields, the current chief operating officer. During his eight-year tenure at Ford, Mulally gambled all of the company's assets on a credit line that kept Ford out of bankruptcy, then used a simple "One Ford" plan to change the company's culture. He was hired away from aircraft maker Boeing Co. in 2006 by Bill Ford, who at the time was running the company. Fields, 53, has been in charge of Ford's daily operations since December of 2012 and was widely expected to one day ascend to the top job. The change in leadership is taking place about six months ahead of schedule, but Ford said that was based on Mulally's recommendation that the new leaders were ready. "Alan and I feel strongly that Mark and the entire leadership team are absolutely ready to lead Ford forward, and now is the time to begin the transition," Bill Ford said in a statement Thursday morning. Bill Ford, the company's executive chairman, is the great-grandson of company founder Henry Ford. Mulally, 68, was trained as an aeronautical engineer. He spent 36 years at Boeing - and was president of the company's commercial airplane division - when Bill Ford lured him to the struggling automaker eight years ago. Mulally overcame skepticism about being an outsider in the insular ranks of Detroit car guys by quickly pinpointing the reasons why Ford was losing billions each year. Mulally put a stop to the infighting that had paralyzed the company and instituted weekly management meetings where executives faced new levels of accountability and were encouraged to work together to solve problems. It took two years for Mulally to turn the company around, but since 2009, Ford has posted pretax profits of $34.5 billion and its shares have more than doubled. Fields was one of the executives passed over when Mulally got the top job in 2006. When he was named COO in 2012, Bill Ford said Fields' decision to stay at Ford and learn from Mulally showed a lot of fortitude and has made Fields a better leader. "There was a lot of speculation about whether he was capable. To his great credit, he stuck to it, he learned from it and showed tremendous fortitude in grinding through an incredibly difficult process," Bill Ford said. This marks the second change in leadership at the top of one of the Detroit automakers this year.