Ford announces changes at the top

Ford has announced that chief financial officer Bob Shanks will retire from the company at the end of 2019. He will be succeeded by Tim Stone, who served 20 years at Amazon and as CFO of Snap Inc.

Stone, 52, will join Ford on 15 April as a company officer and assume the role of CFO on 1 June.

Ford President and CEO Jim Hackett said, ‘Bob will leave a remarkable 42-year legacy at Ford. As a CFO, he’s been relentless in driving for results and pushing the company to greater heights. He’s also been a wonderful colleague who leads with integrity, warmth and humour. Bob’s leadership was integral to Ford’s comeback during the great recession, and he has been an invaluable partner as we transform Ford to succeed in the next era.’

He continued, ‘We’re so excited to have Tim join Ford at this incredible time for our company as we strive to become the world’s most trusted company, designing smart vehicles for a smart world. He was a key player in the incredible success at Amazon and he understands the principles of fitness and growth as complementary virtues for Ford’s future.’

Meanwhile, Mark Ovenden, currently president Ford Middle East & Africa, will become president, International Markets Group and will lead its formation. The International Markets Group will become a reporting business unit on January 1, 2020.

The company’s new business unit will oversee nearly 100 markets, including the company’s operations in Africa, ASEAN, Australia, India, Mexico, Middle East, New Zealand and South Korea, as well as a number of emerging and distributor markets around the world. The formation of this new business unit follows the recent establishment of China as a standalone business unit.

Ford also announced that Stuart Rowley, currently chief operating officer for Ford North America, is appointed to the role of president, Ford of Europe.

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