Jacques Nasser
It seemed like a good time for Jacques Nasser to duck out of sight. Ford Motor Co., which he had just left after nearly three years as its CEO, had reported a record $5.5 billion loss for 2001. The unions hated him. Ford's dealers, and many colleagues, felt the same way. And the company was turning away from Nasser's expansionary vision.
Perhaps it's no surprise then that "Jac the Knife," as he became known at Ford for his slash-and-burn style, has learned to relish the shadows. Nasser, 56, went back to work in November 2002 as a banker at One Equity Partners, the private-equity branch of Bank One Corp. The unit, which invests in start-ups and distressed companies, sought Nasser because "he's got experience with companies with a lot of issues on their plate," says Sharon Haas, a managing director at Fitch Ratings. But his profile has been lower than the muffler on a Maserati. One Equity's most visible deal has been Polaroid, which declared bankruptcy in 2001. Nasser led a deal to buy the firm's assets for $255 million in 2002. But its survival is not assured.
Nasser declined to talk to U.S. News. But he has recruited high-powered directors, such as a former top executive from European carmaker Opel, to help market overseas. Still, some think the digital photography revolution that pushed Polaroid into bankruptcy will force One Equity to liquidate the company.
Nasser's future is probably brighter. Along with other auto-industry graybeards, Nasser has money in an Internet start-up that plans to provide instant car financing. And he's rumored for chairman of Australian phone company Telstra. Not a bad place to resurface, down under. -Richard J. Newman
This story appears in the June 7, 2004 print edition of U.S. News & World Report.
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