Ford's chairman praises company CEO

WILMINGTON, Del., May 8 (UPI) -- Ford Motor Co. Executive Chairman Bill Ford Jr. praised company Chief Executive Officer Alan Mulally at the annual shareholder meeting, sources said.

"Alan Mulally has done a fantastic job, and you've seen the results every quarter," Ford told shareholders at the meeting in Wilmington, Del., Thursday.

"He's done it quicker than I thought he would," Ford said.

The company's turnaround was evident in its 2008 first quarter report, when it posted a net income of $100 million, compared with a net loss of $282 million one year ago, The Detroit News reported.