July 31, 2007 -- Tower Automotive Inc. CEO Kathleen Ligocki plans to step down this week, the latest move in her decade-long run as one of the few women at the top of an industry she once called "crazy, sadistic but oh-so-seductive." In a letter sent to friends and colleagues Monday, Ligocki said she is leaving the struggling parts supplier to become a consultant at Wall Street private equity giant Cerberus Capital Management, Tower's new owner and buyer-in-waiting of Chrysler Group.
Her departure comes as Tower is in the final stages of a painful restructuring that began when the Novi-based supplier filed for bankruptcy protection in February 2005. A bankruptcy court approved Tower's reorganization plan and its sale to Cerberus on July 11. The deal could close this week. "I always assumed that once she completed the Tower bankruptcy, she would look around and see what was next," said Anne Doyle, a friend of Ligocki who is a former Ford manager and industry consultant. "It was a significant challenge that she took on and completed well."
She said Ligocki's experience at Tower has positioned her well at a time when much of the auto industry is struggling to remake itself. Tower declined to comment on Ligocki's departure. Known for her distinctive red locks and often-outspoken style, Ligocki, 50, has long been a novelty in Detroit's suit-and-tie auto industry. While that was the case during the five years Ligocki worked in the upper echelons of Ford Motor Co., it became even more pronounced when she took over Tower in 2003.
Ligocki's ascension through the auto industry started in the manufacturing side of the business, with jobs at auto suppliers including GM's Delphi plants. She rose quickly through the ranks at Ford after being hired in 1998 as part of a group of executives known as "Jac's Pack," because they were personally recruited by then CEO Jacques Nasser in an effort to diversify the company starting at the top. Ligocki held various jobs at the Dearborn automaker. She was CEO of Ford of Mexico and vice president for North American marketing and director of business strategy.
Ligocki took over at Tower in August 2003. Like many suppliers, Tower was stung by production cuts at the Big Three and the rising cost of doing business. She put in place a restructuring plan that called for closing or selling 16 plants. In the letter, Ligocki, who recently married auto dealer Peter Rosenau, said she will think about whether she wants time off or to take on another project.
Source: The Detroit News
Source: Factiva
