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DETROIT -- Ford Motor Co.'s CFO Don Leclair will retire Nov. 1, the company said today. Lewis Booth, who has been chairman of Ford of Europe since 2005, will become Ford's executive vice president and CFO.

In a statement, Ford said Leclair and Booth will work together over the next few weeks to make sure there's a smooth transition. Leclair, 56, joined Ford in 1976. He was named executive vice president and CFO in August 2003.

Booth, 59, takes over as CFO amid one of the worst financial crises in recent history.

Ford's stock has been in a virtual free-fall with the rest of the stock markets for the past week, trading near historic lows. As recently as last month, stock traded for more than $5 a share but today were trading as low as $2.05. As of 12:12 p.m., Ford stock was worth $2.20 a share.

The company assigned Booth to his current position as executive vice president and chairman and CEO of Ford of Europe in 2005.

John Fleming, 57, will succeed Booth. Fleming has been group vice president, president and CEO of Ford of Europe since 2005.

Fleming's responsibilities will also include Volvo Car Corp., Ford's export operations and global growth initiatives. Fleming will report directly to Ford CEO Alan Mulally.

Booth joined Ford of Europe in 1978 as a financial analyst. He has served in a series of senior global leadership positions. Those include executive roles at Ford of Europe, Ford Asia Pacific, Ford South Africa, Mazda and Ford's finance, truck operations, product development, manufacturing and sales operations in Europe, Asia and North America.

Booth supervised the transformation of Ford of Europe and Mazda during the past 10 years.