Ford Announces Changes to Leadership

[GT1533]

FORD ANNOUNCES KEY CHANGES TO GLOBAL LEADERSHIP TEAM; TIM STONE TO SUCCEED BOB SHANKS AS CFO
MAR 21, 2019 | DEARBORN, MICH.

Bob Shanks, Ford chief financial officer, announces intention to retire at year-end; Tim Stone, 20-year Amazon veteran and former CFO of Snap, joins Ford and will succeed Shanks as CFO on June 1
Peter Fleet, president of International Markets Group, to retire; Mark Ovenden named president, International Markets Group, effective April 1
Stuart Rowley appointed president, Ford of Europe, as Steven Armstrong named chairman, Ford of Europe; Birgit Behrendt, vice president, Joint Ventures, Alliances and Commercial Affairs, Ford of Europe, to retire


Dearborn, Mich., March 21, 2019 – Ford Motor Company today announced that Chief Financial Officer Bob Shanks plans to retire from the company at the end of 2019. He will be succeeded by Tim Stone, an accomplished finance executive who served 20 years at Amazon Inc., and as CFO of Snap Inc.

Stone, 52, will join Ford on April 15 as a company officer and assume the role of CFO on June 1. He will report to Ford President and CEO Jim Hackett.

“Bob will leave a remarkable 42-year legacy at Ford,” Hackett said. “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 humor. 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.”

Shanks, 66, will work closely with Stone on the CFO transition and then work on special projects through the end of the year.

“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,” Hackett said. “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.”

Stone comes from the tech space, but brings an appreciation for Ford and the auto industry to the job. Before earning his bachelor’s degree in accounting from University of Southern California, Stone worked for his father, a general contractor and plumber. The vehicles in his dad’s business were Ford trucks and the family drove Ford Explorers and Ford vans. “Thirty years ago, through my father’s business, I witnessed firsthand the importance of Ford to our economy and our community,” Stone said. “I am honored to join this iconic company and put my experience building the businesses of the future toward helping Ford build its next 100 years.”



International Markets Group

Also today, the company announced that Peter Fleet, president of International Markets Group, has announced his intention to retire.

Fleet, 51, has held leading roles in Ford marketing, sales and service, and business operations globally for nearly 30 years. Prior to the establishment of the International Markets Group, Fleet served as president of Asia Pacific, leading all of Ford’s operations and partnerships across the region. Previously, he held roles as diverse as president of Ford ASEAN and vice president, Sales, Ford of Europe.

“Peter has had a tremendous 30-year career with Ford, holding key leadership positions in Europe and Asia Pacific and we thank him for all his contributions,” Hackett said.

Effective April 1, Mark Ovenden, currently president Ford Middle East & Africa, is named 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.

“We’re fortunate to have Mark Ovenden to lead the formation of this new group of high-potential markets. He understands how to operate in diverse markets with different needs and distributions channels,” Hackett said.

Ovenden, 54, will report to Jim Farley, president of Ford Global Markets.

“With the establishment of IMG, we have a unique opportunity to create a new business model with a diverse culture and an agile mindset to deliver profitable growth. This new group will be a lean, dynamic and networked team focused on leveraging both local customer insights and Ford’s global know-how,” Farley said. “Globally, some of the highest growth markets in the next five years are located in this part of the world.”

The emerging markets are expected to account for one in three future vehicle sales. Ford’s growth in IMG will be fueled by its leading market positions in compact pick-ups and commercial vehicles as well as optimizing the company’s import portfolio and maximizing after-sales opportunities.



Ford of Europe

Ford also announced that Stuart Rowley, currently chief operating officer for Ford North America, is appointed to the role of president, Ford of Europe, taking on operational leadership of the business unit, including acceleration of the European transformation strategy. In recent months, Rowley has been deeply engaged in Europe’s transformation planning, working with Steven Armstrong.

Rowley, 51, succeeds Armstrong who is being named chairman, Ford of Europe. In this new role, Armstrong, 54, will oversee key transformation projects and joint venture partner interactions for the region, as well as lead Ford’s engagement with European governments on key industry legislation and issues.

Both roles will report to Farley and are effective April 1.

“Under the leadership of Stuart and Steve, the European team has developed a comprehensive plan to fundamentally transform its operations and return the business to profitability, work which only will accelerate as they take on their new roles,” Hackett said.

Birgit Behrendt, vice president, Joint Ventures, Alliances and Commercial Affairs in Europe also announced her intention to retire. Over a 40-year career with many recognitions, she held several leadership positions in Purchasing in Europe and the U.S., including oversight of Global Purchasing Operations. In her current role until the end of March, Behrendt, 59, serves as the main interface with the company’s joint venture and alliance partners as well as supporting the establishment of the strategic alliance with Volkswagen. Going forward, she will continue to serve in her role as a member of the Ford Werke Supervisory Board.

“We also thank Birgit for the many contributions she has made to our business throughout her career and look forward to her continuing to serve on the Ford Werke Supervisory Board,” said Hackett.

Ford of Europe announced in January its plans to implement a transformation strategy aimed at strengthening the Ford brand and creating a sustainably profitable business in Europe. Near term, Ford is accelerating key fitness actions and reducing structural costs. In parallel, the fundamental redesign includes changes to Ford’s vehicle portfolio, expanding offerings and volumes in its most profitable growth vehicle segments, while improving or exiting less profitable vehicle lines and addressing underperforming markets.

“The changes we are announcing today are significant, but seamless, which exemplifies the strength of Ford,” Hackett said. “While we are saying goodbye to very accomplished leaders who have delivered significant progress in their decades of service with Ford, the talented leaders stepping into new roles will continue to steward our transformation.”

[Oldbugger]

When Mark Fields was sacked as CEO because of a falling share price it was $10.70. Two years on under the leadership of Jim Hackett it closed last night $8.50. The Ford family have lost their way and appointing a person from Amazon who appears to have no Manufacturing background is a mistake. I do like the appointment of Stuart Rowley to FOE as he is a smart operator who spent 2000 to 2004 in FOA.

[simon varley]

he's getting desperate. the shareholders won't give him much longer to turn it around.

[jpd80]

And, Ford has changed plans again.

Flat Rock to build BEV
https://www.detroitnews.com/story/bu...ng/3221693002/
Ford Motor Co. on Wednesday said it would again change plans for where it would build its future electric and autonomous vehicles.

The Dearborn-based automaker plans to build upcoming vehicles on its battery-electric architecture at its Flat Rock Assembly Plant starting in 2023, where it will also build the next-generation Mustang. Ford's first purpose-built production autonomous vehicles will be finished at an undisclosed manufacturing center in southeast Michigan, Joe Hinrichs, Ford president of global operations, said Wednesday.

"This is a different battery-electric vehicle than the one announced in 2017," Hinrichs told The Detroit News. "This is a different plan. We have a more ambitious plan for battery-electric vehicles around the world."

The plans reaffirm part of those announced in December 2017 when the automaker said it would ship production of its all-new fully battery electric SUV to Mexico, and focus on autonomous vehicle production at Flat Rock Assembly Plant. The automaker said then it would invest $200 million in addition to $700 million it had announced 12 months prior. All told, the moves would require Ford to add roughly 900 jobs at Flat Rock, the automaker said then.

No new investment other than the previously announced $900 million is planned at Flat Rock. Ford still plans to add 900 positions and a second shift at Flat Rock by 2023. But neither the battery-electric SUV nor the autonomous-vehicle platform will be assembled at Flat Rock.

Ford would not give specifics about the new autonomous-vehicle center, where the automaker plans to take the hybrid vehicle exteriors and install "purpose-built" interiors and autonomous technology in a process similar to that at the police vehicle modification center in Chicago, a spokeswoman said. It's unclear if it would be a new building, or occupying a previously existing building. Ford will spend $50 million on that facility.

Meantime, Ford is planning to build at least two future vehicles in Mexico. The as-yet-unnamed battery-electric Mustang-inspired SUV due in 2020 will be built at Ford's existing Cuautitlan, Mexico, plant. The automaker used to build its Fiesta subcompact there.

Ford also plans to build the next-generation Transit Connect vans for North America at its Hermosillo, Mexico, plant. The automaker built Fusion, Fusion Hybrids and Lincoln MKZs there. The Fusion won't get a redesign after the 2019 model year, and production will cease within a few years as the automaker phases all sedans out of its lineup.

[hayseed]

[Bossxr8]

Originally Posted by Oldbugger

When Mark Fields was sacked as CEO because of a falling share price it was $10.70. Two years on under the leadership of Jim Hackett it closed last night $8.50. The Ford family have lost their way and appointing a person from Amazon who appears to have no Manufacturing background is a mistake. I do like the appointment of Stuart Rowley to FOE as he is a smart operator who spent 2000 to 2004 in FOA.

Does it really matter if the chief financial officer has auto experience? He's just a finance man.

[malazn mafia]

Ford and Australia have something in common, constant changes in leadership and no direction....

[Oldbugger]

Originally Posted by Bossxr8

Does it really matter if the chief financial officer has auto experience? He's just a finance man.

Many a Finance person has culled a good project due to penny pinching.

[CobraJet351]

Originally Posted by Oldbugger

Many a Finance person has culled a good project due to penny pinching.

And many have saved companies from making big mistakes.

[prydey]

Originally Posted by Oldbugger

The Ford family have lost their way and appointing a person from Amazon who appears to have no Manufacturing background is a mistake.

How much manufacturing background did Alan mulally have?

[Gothefalcon]

Originally Posted by prydey

How much manufacturing background did Alan mulally have?

From 1997 - 2006 He was the President of the Boeing Information, Space & Defense Systems and also Senior Vice President.
Not Automotive... but planes are vehicles, of sorts
It's definately manufacturing

D

[Dr Smith]

Originally Posted by prydey

How much manufacturing background did Alan mulally have?

Further to Gothefalcon, Mulally is an engineer by qualification with B.Sc, Master of Science and a degree in aeronautical and astronautical engineering.
Prior to Ford one of his highlights was at Boeing on the Boeing 777 program initially as director of engineering and finally general manager. One of Boeing's best ever aircraft so his background in engineering and manufacturing is "better than most".

[Wretched]

Originally Posted by Oldbugger

Many a Finance person has culled a good project due to penny pinching.

A good project from your limited perspective of the business.

Ford, like many large corporations have to make money, that is #1.
If the business case simply doesn't stack up for a project then it can't proceed or consumers would get a less than desirable product than what was proposed or the original would be priced so far out of the reach of the target market it would make no sense.

[prydey]

Originally Posted by Dr Smith

Further to Gothefalcon, Mulally is an engineer by qualification with B.Sc, Master of Science and a degree in aeronautical and astronautical engineering.
Prior to Ford one of his highlights was at Boeing on the Boeing 777 program initially as director of engineering and finally general manager. One of Boeing's best ever aircraft so his background in engineering and manufacturing is "better than most".

cheers. I googled it after I asked the question. I knew he was from boeing, but wasn't aware of his qualifications. His career is very impressive. Already with massive achievements by the time he got to Ford, and then guided them through the GFC without scabbing from the govt.

Ford could do a lot worse than put another Mulally type person at the helm. I'm not sure manufacturing experience is necessary, although would be an advantage. They just need to be a good business mind and leader.

[Citroënbender]

The technical side need to be on board with their hearts though, not sullenly falling into step.

[roddy1960]

Here's how this is for me ... I couldn't give a stuff who leads Ford anymore . As an importer primarily all we get is what we get with the Blue Oval badge stuck on it now .

Other than R&D in a few Ford products we have little or no say in matters much so to really care who runs the company is pretty unimportant for many of us , me included .

[Bossxr8]

Originally Posted by Oldbugger

Many a Finance person has culled a good project due to penny pinching.

If he is the top finance man, he wouldn't be making decisions on project viability. That stuff is beneath him. He's looking after the companies cash flow, cash reserves, finacial reporting to the government etc. He's not making calls on anything product related. That's a seperate division.

Although you are correct that financial people can kill good projects, that is not this mans responsibility.

[Oldbugger]

Originally Posted by Wretched

A good project from your limited perspective of the business.

.

A wise person once told me Rule No. 1 - Assume Nothing

[Wretched]

Originally Posted by Oldbugger

A wise person once told me Rule No. 1 - Assume Nothing

May be, but a level of common sense also needs to apply.

[Sprintey]

'Those responsible for sacking the people who have just been sacked, have been sacked.' - Monty Python

https://www.youtube.com/watch?v=SII-jhEd-a0

(Ford's situation different as it's rearrangement, but I've been itching to post this link)

[Franco Cozzo]

Originally Posted by Bossxr8

Does it really matter if the chief financial officer has auto experience? He's just a finance man.

Ah yes - the worst kind of white collar 'professional'

Ford seems to love playing musical leadership - when the music stops we have a new great leader!

[lra]

[QUOTE=Bossxr8;6274845]If he is the top finance man, he wouldn't be making decisions on project viability. That stuff is beneath him. He's looking after the companies cash flow, cash reserves, finacial reporting to the government etc. QUOTE]

That system works well in Australian banks. They get the big chair, a nice window view, big bonuses, and don't know/care what is being done.
When it goes south, they blame their underlings, take leave, resign and collect a humungous severance package.

[hayseed]

[QUOTE=lra;6276307]

Originally Posted by Bossxr8

If he is the top finance man, he wouldn't be making decisions on project viability. That stuff is beneath him. He's looking after the companies cash flow, cash reserves, finacial reporting to the government etc. QUOTE]

Originally Posted by Bossxr8

That system works well in Australian banks. They get the big chair, a nice window view, big bonuses, and don't know/care what is being done.
When it goes south, they blame their underlings, take leave, resign and collect a humungous severance package.

[jpd80]

Originally Posted by Franco Cozzo

Ah yes - the worst kind of white collar 'professional'

Ford seems to love playing musical leadership - when the music stops we have a new great leader!

Bob Shanks is retiring, of course there’s musical chairs when you
promote someone, someone else has to replace them and so on

[jpd80]

[QUOTE=lra;6276307]

Originally Posted by Bossxr8

If he is the top finance man, he wouldn't be making decisions on project viability. That stuff is beneath him. He's looking after the companies cash flow, cash reserves, finacial reporting to the government etc. QUOTE]

Originally Posted by Bossxr8

That system works well in Australian banks. They get the big chair, a nice window view, big bonuses, and don't know/care what is being done.
When it goes south, they blame their underlings, take leave, resign and collect a humungous severance package.

Asleep at the switch 💤 💤