Kenneth Leet, the former senior banker at Goldman Sachs, on Monday agreed to join Cerberus Capital Management, the hedge fund and private equity group, while remaining an adviser to carmaker Ford Motor.

The full-time appointment to Cerberus highlights the extent to which Mr Leet’s role at Ford, initially consisting of a wide-ranging strategic review of the carmaker’s businesses, has been scaled back since Alan Mulally was named as chief executive.