Nasser's Ford departure confirmed

Reports had emerged on Monday that Nasser would be ousted from the world's second largest car manufacturer and the company confirmed his departure in a statement released on Tuesday.

"As Jacques moves on to new challenges, I want to personally thank him for his hard work and energy over the past 33 years," said Ford Jr. "He has made significant contributions to our business operations around the world and we all appreciate his dedication."

Nasser, 53, had been CEO since 1999 but in recent times has been blamed on Ford's loss of market share and reduced profits, while the highly public safety concerns over its Explorer model on Firestone tyres have also had a negative affect on the company in recent times.

Ford Jr - the great grandson of company founder Henry Ford - had shared power with Nasser at the head of the company since the summer, but in taking overall control he hopes to lead the company out of its troubles.

"I am both proud and determined to lead the company forward as we face some difficult challenges," added Ford. "We want to have an even greater impact on the world in our next 100 years than we did in our last 100."

Ford Jr's installation at the head of the company is unlikely to have any affect on Jaguar Racing's Formula 1 attack, despite the fact Nasser was a keen supporter of the programme. The Blue Oval, Jaguar's parent company, is expected to have less financial involvement with the F1 team in the coming years. Jaguar Racing boss Niki Lauda has gone on record as saying he wants the team to provide its own budget in the future.

The company also announced other management shake-ups, with Nick Scheele appointed to chief operating officer and Carl Reichardt is now vice chairman.