National Post (Latest Edition)
Ford’s new CEO promises urgency
• Ford Motor Co’s new chief executive, Jim Farley, on Thursday promised the U. S. automaker would move with urgency, responding to investor and analyst criticism of the speed at which his predecessor acted.
Farley, on his first day as Ford’s 11th CEO, also announced an executive shakeup that included naming a new chief financial officer.
Ford’s promise to accelerate its turnaround is not new at a time when it is executing an US$ 11 billion restructuring.
Farley was named chief operating officer in February and promised a faster return to strong profits. He was officially tapped to succeed Jim Hackett in August.
“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said in a statement on Thursday. “Now it’s time to charge through that door.”
Hackett and Ford have been criticized by some on Wall Street for not moving quickly enough on its restructuring. At the end of the second quarter, the Dearborn, Michigan- based company had incurred US$ 3.9 billion of the projected US$11 billion in charges.
Farley will face immediate tests in his new role, including ensuring a smooth launch for the highly profitable, top-selling F-150 pickup truck to avoid costly missteps Ford experienced when it revamped the Explorer SUV.
The company also said John Lawler would succeed Tim Stone as CFO. Lawler most recently had been head of Ford Autonomous Vehicles and vice president of mobility partnerships. He also served as president of Ford China for nearly four years.