Ford Motor Co. Executive Chairman Bill Ford Jr. praised company Chief Executive Officer Alan Mulally at the annual shareholder meeting, sources said.

Alan Mulally has done a fantastic job, and you've seen the results every quarter, Ford told shareholders at the meeting in Wilmington, Del., Thursday.

He's done it quicker than I thought he would, Ford said.

The company's turnaround was evident in its 2008 first quarter report, when it posted a net income of $100 million, compared with a net loss of $282 million one year ago, The Detroit News reported. (c) UPI