Consumer debt in Brazil is of very short tenor at about 1.5 years and is paid back fast, which means balance sheet repairs happen quickly.

FORBES: Brazil's Market Unlikely To Relive 2008 Sell-Off

Some banks woke up early to the risks and are reducing their off-balance-sheet loan commitments as fast as they can.

FORBES: Timebombs in the Vault

To get back on track, he vowed to strengthen the company's balance sheet, invest in fast-growing global markets and get more new products out the door in less time.

FORBES: Bill Ford finds that fixing Ford is harder than he thought.