Ford Motor Co. leader William Clay Ford dies at 88

DETROIT, MI

The company said in a statement Sunday that Ford died of pneumonia at his home. He was the last surviving grandson of company founder Henry Ford.

Ford served as an employee and board member of the automaker for more than half of its 100-year history. The company says in a statement that he was instrumental in setting the design direction for the company's vehicles.

CEO Alan Mulally says in a statement that Ford had a profound impact on the company.

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