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Tribute to Briton killed in crash

THE GOVERNING BODY for UK motor sports has paid tribute to a "hugely promising" young British driver killed in a crash. Sean Edwards was a passenger in a Porsche when it reportedly hit the barriers at Queensland Raceway in Willowbank, west of Brisbane, Australia, during a private test session. The driver, a 20-year-old man from Brisbane, was pulled from the burning wreckage and is in intensive care with life-threatening injuries.

Mark Fields replaces Alan Mulally as Ford CEO

Ford Motor Co. named Mark Fields to replace Alan Mulally as CEO on July 1, handing the reins to a 25-year company veteran after being saved by an auto industry outsider. “From the first day we discussed Ford's transformation eight years ago, Alan and I agreed that developing the next generation of leaders and ensuring an orderly CEO succession were among our highest priorities,” Executive Chairman Bill Ford said in a statement.

Former General Motors CEO nets multimillion-dollar retirement package

Former General Motors CEO Rick Wagoner will officially punch out on Aug. 1 with a compensation package worth almost $8.6 million over the first five years. The deal is significantly lower than what he could have received; it would have been $23 million at the end of last year, Reuters reports.