Reports: Ex-Ford CEO Nasser to Take VC Job

November 11, 2002 ( - Jacques Nasser, formerly chief executive officer at Ford Motor Co., is expected to be hired this week as a partner in One Equity Partners, the Bank One venture capital arm which acquired the bankrupt camera maker Polaroid Corp.

Quoting unnamed sources, the Detroit News said Nasser, who left Ford last fall amid huge pending losses, declining sales, and souring worker and dealer relationships, is expected to play a key role with One Equity’s acquisitions.

One Equity Partners typically takes an ownership stake in a troubled or failing company, and implements a turnaround plan.

In July, One Equity picked up bankrupt Polaroid Corp . for $255 million. If Polaroid returns to prosperity, One Equity could take it public though a stock offering. Also this year, One Equity took control of the German submarine maker HDW, according to the News.

Although One Equity keeps its headquarters in New York, the 54-year-old Nasser is expected to continue to work and live in the Metro Detroit area, the News report said.

During his tenure, Nasser was praised for implementing several novel ideas, such as a program to give every employee home computers and Internet service for a nominal fee. Ford, however, terminated the computer giveaway last year as financial losses mounted.

The auto company, in fact, has disavowed or scrapped many other policies and initiatives launched under Nasser, most notably an employee ranking system that spawned widespread morale problems and a number of lawsuits.