Ford Motor Co. (NYSE: F) and General Motors Co. (NYSE: GM) may change CEOs within months, of even weeks, of one another. GM has already chosen Mary Barra to replace Dan Akerson who has run the No.1 American car maker since September 2010. Ford CEO Alan Mulally may leave for Microsoft Corp. (NASDAQ: MSFT) soon. After serving since September 2006, Mulally would almost certainly be replaced by Ford COO Mark Fields. Each company has done well under their current leaders, but the shape of their recoveries has not been similar.

Akerson took the reigns of GM when it was already out of Chapter 11. Former telecom executive Edward Earl “Ed” Whitacre Jr. had shepherded GM through the earliest stages of that process. As a testament to both men, after falling behind Toyota Motor Corp. (NYSE: TM) as the world’s largest car company, GM was able to reclaim the spot. If there is any blemish on the track records of Akerson and Whitacre is that neither could pull the manufacturer out of its deep downward cycle in Europe. It large units–Opel and Vauxhall Motors–have lost ground to Europe’s home based car companies. On the other hand, GM has kept its place as the top car company in China, which became the world’s largest car market, ahead of the U.S.. while GM was still in recovery.

Mulally will rightfully be remembered as the man who saved Ford from Chapter 11. He secured a $23 billion loan, by offering as security virtually all of Ford’s assets.  Looking back , some may say it was an audacious and risky move. But, it worked.

If profitability is a fair measure of the successes of Mulally and Akerson, Ford recovered its quickly. Although revenue dropped from $146 billion in 2008 to $134 billion last year, that revenue recovery has continued in 2013. More important to the health of Ford than sales– it lost well over $14 billion in 2008 and made $5.7 billion last year. GM’s revenue recovered more quickly, from $149 billion in 2008 to $152 billion in 2012. GM had a $30 billion loss in 2008 and net income of $6 billion last year. Based on financial performance, it is hard to pick a clear winner.

Perhaps the tie breaker should be based on stock price. It is not possible to make a five year measure. The debut of GM’s new stock took place with its IPO in November 2010. However, over two years, GM has topped Ford in share price performance–up nearly 100% to Ford’s 60%. But, Ford advocates can claim that over five years, it share are higher by 475%.

So, which company won? Both

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