NEW YORK (CNN/Money) - Ford Motor Co., suffering from falling sales, declining market share and a sluggish stock price, said Monday it was making several changes in top management -- including the return of a retired executive who has expressed concerns that his homosexuality could be bad for business.

The No. 2 U.S. automaker said former Chief Financial Officer and Vice Chairman Allan Gilmour, 67, would return to the company and replace Martin Inglis as CFO. Inglis will become vice president of business strategy, with responsibility for merger and acquisition activity and the company's Hertz rental car business. Gilmour will also become vice chairman of Ford.

"Allan Gilmour brings a wealth of knowledge to our financial analysis and reporting functions," CEO Bill Ford said in a statement. "He served us before during hard times and has the critical knowledge needed to help us implement our revitalization plan."

Sanford Bernstein analyst Scott Hill told Reuters that Gilmour had "greater credibility with Wall Street" than Martin, though Gilmour himself has expressed concerns in the past that his homosexuality, revealed after he retired from Ford in 1995, could hurt the company.

"As time has passed, business has become more accepting of homosexuality," Gilmour told Fortune magazine in 1997. "But it is still a controversial subject. And businesses in general don't want their executives to be controversial."

Coming out worried him, he said, because "it could be damaging for Ford, not just for the potential controversy but because there would be some who would say, 'I'm not going to do business with them.' I was afraid of being a diversion away from the business of Ford."

Gilmour was a candidate to be Ford's CEO in 1989 and 1992, but was passed over both times. He told Fortune he did not think his sexual preference -- which was not then known, but was likely the subject of rumors -- was a factor in his being passed over for the job.

Since his retirement, he has become a vocal supporter of gay and lesbian causes, donating money and time to various philanthropic organizations.

Ford of Europe CEO David Thursfield will also become group vice president of international operations and global purchasing, putting him in charge of the company's South American and Asia-Pacific operations. The executive formerly in that position, Carlos Mazzorin, will become senior adviser to the office of the chairman and chief executive.

Martin Leach will become president and chief operating officer at Ford of Europe, while Derrick Kuzak will succeed Leach as vice president of product development at Ford of Europe.

"This move is one of a series of management changes designed to strengthen the financial and operational leadership of the company," the company said in its announcement.

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The Dearborn-Mich.-based automaker's stock value has been cut nearly in half since May 2001, while its sales have dropped nearly 8 percent and its share of the U.S. auto market has fallen to 20.7 percent from 22.6 percent.

In January, the company announced a $9 billion turnaround plan, including 35,000 job cuts, five plant shutdowns and the elimination of four slow-selling car models. In October 2001, the company replaced former CEO Jacques Nasser with Bill Ford, the great-grandson of the company's founder, Henry Ford.

Ford (F: down $0.20 to $16.52, Research, Estimates) shares fell slightly in midday trading. Some Wall Street analysts have said it could be a while before Ford shares begin to rise again significantly.