By Tess Stynes 

Ford Motor Co. said the head of its credit unit, longtime company veteran Bernard Silverstone will retire in October, after 37 years of service.

The Dearborn, Mich., company named another Ford Credit veteran, Chief Operating Officer Joy Falotico, as the new chairman and chief executive of the auto maker's vehicle financing unit.

Mr. Silverstone, 60 years old, has been chairman and CEO of Ford Credit since early 2013. Previously he was its chief operating officer, and he has held a number of other leadership positions since joining the company in 1979.

Ms. Falotico, 49, joined Ford Credit in 1989 and has held various senior positions with the company. Ms. Falotico has been chief operating officer since January. Her previous roles included leading Ford Credit's marketing, sales and the Americas since 2013, with strategic planning responsibilities added in January 2015.

In late July, Ford Motor posted a weaker-than-expected profit for the second quarter and said potentially sluggish demand in the U.S., higher costs related to the launch of a heavy-duty truck and the effects of Brexit could hurt prospects for meeting its 2016 guidance.

Ford Credit's second-quarter performance also was a concern, as the unit's operating profit fell 21%, driven by an increase in auto-loan defaults and deepening losses on off-lease cars resold at auction for lower values than projected.

Write to Tess Stynes at tess.stynes@wsj.com

 

(END) Dow Jones Newswires

August 30, 2016 10:24 ET (14:24 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Ford Motor (NYSE:F)
Gráfico Histórico do Ativo
De Fev 2024 até Mar 2024 Click aqui para mais gráficos Ford Motor.
Ford Motor (NYSE:F)
Gráfico Histórico do Ativo
De Mar 2023 até Mar 2024 Click aqui para mais gráficos Ford Motor.