Where Does Mulally Go Next?

That would mean a private equity firm or hedge fund or, our favorite, an activist investor firm like, say, Icahn Enterprises L.P. (NASDAQ: IEP), where Mulally’s legend makes him an almost unchallengeable activist appointment to a target company’s board of directors. Think about it: which board chairman would stand up and say, “Carl’s trying to shove some unqualified bozo down our throat” if Mulally was the appointment in question. That would take a pretty brave chairman.

Other possibilities include private equity firms like Blackstone Group L.P. (NYSE: BX), Apollo Global Management LLC (NYSE: APO) or Carlyle Group L.P. (NASDAQ: CG), where Louis Gerstner went on to serve as chairman for five years after a nine-year tenure as chairman and CEO of International Business Machines Corp. (NYSE: IBM).

Kohlberg Kravis Roberts & Co. (NYSE: KKR) is another private equity firm that might take a run at enlisting Mulally. KKR and TPG Capital are struggling with the bankruptcy of Energy Future Holdings, the successor to TXU, which the two firms and their partners paid $44 billion for back in 2007. This is a situation that cries out for a turnaround artist.

And if Mulally wants to stay away from publicly traded companies, there are plenty of other opportunities. Bain & Co., Advent International and the already-mentioned TPG Capital are among a number of firms that might like to make Mulally an offer he couldn’t refuse.

We are not saying Mulally will go this route, but we think that there is a good chance that if he is interested in private equity, there are plenty of opportunities and the bidding will be intense.

ALSO READ: Companies With the Best (and Worst) Reputations