Categories Earnings, U.S. Markets News

Ford names Amazon veteran Tim Stone as finance chief, to succeed Bob Shanks

Ford Motor Company (F) announced Thursday that chief financial officer Bob Shanks will be retiring later this year. He will be succeeded by Tim Stone, who had worked at e-commerce giant Amazon (AMZN) for about 20 years in various financial roles. Most recently, he served social media firm Snap (SNAP) for a short period.

The other management changes include the retirement of Peter Fleet as president of International Markets Group early next month. He will be replaced by Mark Ovenden. The division, which oversees around 100 foreign markets, is scheduled to become a reporting business unit by early next year.

In addition, Stuart Rowley and Steven Armstrong have been appointed as the president and chairman of Ford of Europe, respectively. Birgit Behrendt, who has decided to retire as VP of Joint Ventures-Alliances and Commercial Affairs in Europe, will continue to serve as a member of the Ford Werke Supervisory Board.

The other management changes include the retirement of Peter Fleet as president of International Markets Group early next month

Stone will begin his stint in Ford as a company officer on April 15, and take over as the finance chief on June 1, reporting to CEO Jim Hackett. “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,” said Hackett.

By bringing a veteran from the technology industry to head the finance department, Ford intends to remain relevant in all spheres of its business in the fast-changing auto industry, which has been witnessing the integration of technology in a big way.

The crucial management change comes at a time when Hackett’s regime faces investors’ scrutiny for the unimpressive performance of the company’s stock. Meanwhile, there is speculation that Ford might be going for an all-out transformation of its traditional business model.

On the formation of International Markets Group, the management said the unit will have a networked team focused on leveraging local customer insights and the company’s global exposure. The group, which enjoys a leading market position in compact pick-ups and commercial Vehicles, will be focusing on the emerging markets.

Also see: Lucid Motors dismisses rumors of Ford takeover

In a move aimed at strengthening its foothold in the European market, Ford of Europe earlier this year unveiled a ‘transformation strategy’ for the Ford brand. The initiative will focus on revamping the company’s vehicle portfolio, increasing volume in the high-growth segments and expanding the reach in underperforming markets.

After starting the week on a high note, Ford shares pared the gains and leveled off later. The stock traded slightly higher in the early hours of Thursday’s regular session.

 

Get access to timely and accurate verbatim transcripts that are published within hours of the event

Most Popular

United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

Comments

  1. Pingback: Lincoln Georgis
  2. Pingback: Lila Lovely
  3. Pingback: domains
  4. Pingback: valentine pillow
  5. Pingback: valentines gift
  6. Pingback: Click Here
  7. Pingback: Click Here
  8. Pingback: Click Here
  9. Pingback: Click Here
  10. Pingback: Click Here
  11. Pingback: Click Here
  12. Pingback: Click Here
  13. Pingback: Click Here
  14. Pingback: Click Here
  15. Pingback: Click Here
  16. Pingback: Click Here
  17. Pingback: Click Here
  18. Pingback: Click Here
  19. Pingback: Click Here
  20. Pingback: Click Here
  21. Pingback: Click Here
  22. Pingback: Click Here
  23. Pingback: Click Here
  24. Pingback: Click Here
  25. Pingback: Click Here
  26. Pingback: Click Here
  27. Pingback: Click Here
  28. Pingback: Click Here
  29. Pingback: Click Here
  30. Pingback: Click Here
  31. Pingback: Click Here
  32. Pingback: Click Here
  33. Pingback: Click Here
  34. Pingback: Click Here
  35. Pingback: Click Here
  36. Pingback: Click Here
  37. Pingback: Click Here
  38. Pingback: Click Here
  39. Pingback: Click Here
  40. Pingback: Click Here
  41. Pingback: Click Here
  42. Pingback: Click Here
  43. Pingback: Click Here
  44. Pingback: Click Here
  45. Pingback: Click Here
  46. Pingback: Click Here
  47. Pingback: Click Here
  48. Pingback: Click Here
  49. Pingback: Click Here
  50. Pingback: Click Here
  51. Pingback: Click Here
  52. Pingback: Click Here
  53. Pingback: Click Here
  54. Pingback: Click Here
  55. Pingback: 카지노사이트
  56. Pingback: Click Here
  57. Pingback: Click Here
  58. Pingback: Click Here
  59. Pingback: Click Here
  60. Pingback: Click Here
  61. Pingback: Click Here
  62. Pingback: Click Here
  63. Pingback: Click Here
  64. Pingback: Click Here
  65. Pingback: Click Here
  66. Pingback: Click Here
  67. Pingback: Click Here
  68. Pingback: Click Here
  69. Pingback: Click Here
  70. Pingback: Click Here
  71. Pingback: Click Here
  72. Pingback: domain
  73. Pingback: realtor advertise
  74. Pingback: business blogs
  75. Pingback: Google reviews
  76. Pingback: 2023 Books
  77. Pingback: online memorial
  78. Pingback: family member
  79. Pingback: birth records
  80. Pingback: obituary
  81. Pingback: IRA Empire
  82. Pingback: Accounting program
  83. Pingback: Sedation Dentistry
Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top