Stefano Aversa, COO of business advisory firm Alix Partners, said Ford's move to hire an outsider to run the company follows a recipe that has worked for other auto makers.

He pointed to companies in Europe - Fiat SpA and Renault SA - who have recently posted comebacks under the leadership of outsiders. Fiat Chief Sergio Marchionne came from the financial services field and former Renault head Louis Schweitzer was in government.

"I think that it's very difficult for a family manager to turn around a company," Aversa said. "There is too much history and the challenge of heading Ford will be easier with a third party doing it. It is our experience that in a turnaround, an outsider is best."