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120 years ago today, December 6, 1905.
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Rob
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- First Name: Rob
- Last Name: Heyen
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120 years ago today, December 6, 1905.
120 years ago today the Ford Motor Company held an emergency board meeting. The reason? To compose a letter demanding treasurer and board director A. Y. Malcomson resign. He secretly put together a competing company, Aerocar, and the Detroit newspapers had just reported on the company and Malcomson’s role as President and majority owner of the new company. This is the letter the board drafted and sent (board minutes copy and typed transcript).
Ten days later Malcomson responded to the boards demand he step down from his director and treasurer with this response.
The future of Ford Motor Company was about to enter a tumultuous time in the young company’s history. A.Y. Malcomson and Henry Ford were the largest and equal shareholders. Malcomson secretly started a competing company while still holding g a leadership position in FMC. Two new models were being advertised for 1906 while plans for both cars were still being completed. After a hugely profitable year in 1905, the future looked less than certain for 1906.