Longtime Ford Credit CEO Bannister to retire

DETROIT -- Ford Motor Credit Co. CEO Mike Bannister will retire after 39 years, Ford Motor Co. said this week.

Bernard Silverstone, Ford Credit's COO since January, will succeed Bannister, effective Jan. 1.

Bannister, 62, was appointed to the position in 2004. His previous positions include president and COO of Ford Credit, president of Ford Credit International and chairman of Ford Credit Europe.

Silverstone, 56, has served at Ford Credit for 33 years, previously leading Ford Credit's global marketing and sales and its international operations. Earlier, he was chairman of Ford Credit Europe. Silverstone joined Ford Credit Britain in 1979 as a field representative.

Under Bannister's leadership, Ford Credit provided distributions of more than $15 billion to support Ford's business, a press release said.

Ford Credit, founded in 1959, trails only Toyota Financial Services in U.S. market share, according to Experian Automotive.