Corporate firings and resignations The chairman and CEO of Bridgestone/Firestone, Masatoshi Ono, resigned in October 2000 and was replaced by John Lampe. In January 2001, the CEO and president of Bridgestone, Yoichiro Kaizaki, resigned and was replaced by Shigeo Watanabe. The bitter public fight between Ford and Firestone was also a contributing factor in Ford's decision to fire Jacques Nasser in November 2001. Nasser was replaced by William Clay Ford Jr, the great-grandson of Henry Ford, the founder of Ford Motor Company, and the great-grandson of Harvey Firestone, the founder of Firestone Tire and Rubber Company. Firestone's Decatur plant Firestone's Decatur plant was closed in December 2001 and all 1,500 employees were laid off. Firestone cited a decline in consumer demand for Firestone tires and the age of the Decatur plant as the reasons for closing that facility. It is estimated that closing the Decatur plant cost Bridgestone/Firestone $210 million. Financial cost It is estimated that these tire failures and rollovers cost Bridgestone/Firestone $1.67 billion and Ford Motor Company $530 million. Bridgestone's market price dropped by 50% and the resulting restructuring cost Bridgestone $2 billion. In 2001, Ford recorded a loss of $5.5 billion. See also Corporate abuse Crisis management Industrial relations Labor relations Tire-pressure Monitoring System References Further reading External links NHTSA Information on Firestone Tire Recall Public Citizen: Ford Firestone Recall Debacle TREAD Act Hearing, 106th Congress - The Recent Firestone Tire Recall Action, Focusing On The Action As It Pertains To Relevant Ford Vehicles Senate Hearing 106-1141 - Firestone Tire Recall House Hearing, 107th Congress - Ford Motor Company's Recall Of Certain Firestone Tires CSPAN Video - House Hearing, 106th Congress - Committee On Energy And Commerce, September 21, 2000 CSPAN Video - House Hearing, 106th Congress - House Commerce Subcommittees, September 6, 2000 - Part 1 CSPAN Video - House Hearing, 106th Congress - House Commerce Subcommittees, September 6, 2000 - Part 2 CSPAN Video - Senate Hearing, 106th Congress - Senate Commerce, Science and Transportation Committee, September 12, 2000 CSPAN Video - House Hearing, 107th Congress - House Energy and Commerce Subcommittees, June 19, 2001 Business ethics cases Product recalls Product safety scandals Tires Vehicle recalls 2000 in the United States Bridgestone Ford Motor Company Corporate scandals