NEW YORK, Oct. 28 /PRNewswire/ -- The most important lesson to be learned from the financial crisis and economic downturn is the key role that liquidity plays for corporations, and the need to have that liquidity in place before the company needs it, Lewis Booth, Ford Motor's CFO and executive vice president, told the 2010 Alexander Hamilton Best Practices Summit and Awards Program in New York City today.
Booth credits $23.5 billion of cash that Ford raised in December 2006 with helping the auto company negotiate the financial crisis without any government assistance, unlike the other big U.S. auto companies, General Motors and Chrysler.
"That raise of liquidity back in 2006 is the big difference between where we find ourselves and where some of our competitors find themselves," Booth said.
"We did it at just the right time," he added. "If you don't have [liquidity] before you need it, it won't be there."
Widely regarded as one of the most influential and experienced leaders within the auto industry, Mr. Booth was addressing an audience of senior-level treasury and finance professionals. A full report on his remarks is available on Treasury & Risk's website, www.treasuryandrisk.com.
Treasury & Risk magazine is the leading monthly business publication for senior financial executives. Treasury & Risk's Alexander Hamilton Summit, now in its 15th year, recognizes excellence in treasury management and finance at the nation's top companies and multinationals, and has served as a benchmarking standard for chronicling the best practices and evolution of treasury and finance departments. Over the years, the awards program has recognized flagship companies such as Cisco, Google, Honeywell, McDonald's and Microsoft.
About Treasury & Risk Magazine
Treasury & Risk, published monthly since 1991, covers what its 40,000 subscribers who are senior financial executives—CFOs, treasurers, risk managers and controllers—need to know about new developments, emerging trends, best practices and technology in treasury and risk management worldwide as they assume greater leadership roles at U.S. corporations in the wake of the financial crisis and recovery. More than just a magazine, Treasury & Risk is a multi-platform professional community–a nexus where finance leaders can exchange ideas, share problems and develop solutions together. For more information, please visit treasuryandrisk.com.
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