Magazine content is available exclusively for TIME subscribers.CORPORATIONS: The Ford Family Sells
Since 1919. when Henry Ford bought out his minority stockholders, Ford Motor Co. has been steered only by Ford and his family. This week, Ford Foundation trustees announced that the Ford family will give up sole control of the company, turning the last family-managed industrial colossus in the U.S. into a public corporation. Early next year, when the Foundation puts on sale the first blocks of stock (nearly 7,000,000 voting shares), the family will yield 60% of the voting rights in Ford management to investors.
The Ford Foundation, the independent philanthropic giant created by the Ford family, has long been...
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