- Jim Farley outlines key goals and organizational changes today
as he becomes 11th CEO in company’s 117-year history
- Plan is to turn around automotive operations; allocate capital
to Ford’s strongest franchises and high-growth opportunities;
produce compelling, uniquely Ford electric vehicles at scale; and
stand up new AV-enabled businesses
- Objectives include top-line growth, operational excellence,
high quality and customer satisfaction, sustained adjusted EBIT
margins of 8%, strong automotive adjusted free cash flow
- New organization drives more decision-making and accountability
into regional business units, supported by world-class industrial
and technology/software platforms
- John Lawler named CFO; company plans to add new CIO, CMO to
leadership team
Ford is continuing to streamline and transform its global
business, making changes in how the company is organized and
operates to deliver executional excellence that benefits customers
and delivers sustained profitable growth.
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Jim Farley, President and CEO, Ford Motor
Company (Photo: Business Wire)
Jim Farley, who today succeeds Jim Hackett as Ford’s president
and CEO, outlined key goals and organizational changes during a
virtual town hall meeting with the company’s global team. Farley
said Ford plans to move with urgency to turn around its automotive
operations – improving quality, reducing costs and accelerating the
restructuring of underperforming businesses.
At the same time, Ford will grow by:
- Allocating more capital, resources and talent to its strongest
businesses and vehicle franchises
- Expanding its leading commercial vehicle business with a suite
of software services that drive loyalty and recurring revenue
streams
- Offering compelling, uniquely Ford fully electric vehicles at
scale around the world, including Transit, F-Series, Mustang, SUVs
and Lincoln
- Adding more affordable vehicles to its global lineup, including
in North America
- Standing up new customer-facing businesses enabled by Argo AI’s
world-class self-driving system
“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. “Now it’s time
to charge through that door.”
“We are going to compete like a challenger – allocate capital to
higher growth and return opportunities to create value – and earn
customers for life through great products and a rewarding ownership
experience.”
Ford is making changes to its operating model to help deliver on
these priorities, including:
- Concentrating decision-making and accountability around product
and customer groups in three regional business units – The
Americas and International Markets; Europe; and China
- Accelerating innovation to be a leader in new businesses
such as autonomous vehicles and mobility
- Harnessing expertise in industrial platforms to develop
world-class connected vehicles
- Unleashing technology and software in ways that set Ford
apart from competitors
- Embracing and increasing the diversity of backgrounds,
experiences and talent across the company
Farley said the company is targeting consistent operating
performance that includes adjusted earnings before interest and
taxes of 8% of revenue with strong automotive adjusted free cash
flow, so the company can fully invest in customers and growth.
Ford today also announced key leadership changes.
John Lawler, 54, will become CFO today, overseeing the
Finance and Ford Motor Credit organizations. Lawler will succeed
Tim Stone, who has accepted a position as chief operating officer
and chief financial officer at ASAPP Inc., a research-driven,
artificial-intelligence software company. Stone will remain with
Ford through Oct. 15 to ensure a smooth transition.
Lawler has most recently been serving as CEO of Ford Autonomous
Vehicles and vice president, Mobility Partnerships, and spent much
of his 30 years at Ford in finance leadership and general
management. He served as president of Ford China for nearly four
years when the company achieved record in-country performance. He
also served as corporate controller and CFO, Global Markets and
head of worldwide strategy.
“John knows our company inside-out, has a clear view and great
ambition for what Ford can be, and articulates what’s needed to get
there,” Farley said. “As CFO, he will help assure we have the means
to fund those ambitions.”
Lawler’s successor in his current position, who will oversee the
New Businesses group going forward, will be named later.
“Tim has been a powerful voice inside the company pushing us all
to persistently focus on our customers and what they want and
need,” Farley said. “He also played a critical leadership role in
guiding the company through the COVID-19 crisis. We thank Tim for
his contributions and wish him the best.”
Jeff Lemmer, Ford’s chief information officer, will
retire Jan. 1 after 33 years with the company. A successor for
Lemmer as CIO, who will lead the Technology and Software platform,
will be announced in the near future.
“Jeff has been an outstanding leader at Ford and that was never
truer than this year, when he and the IT team kept our company
fully connected and operational during the pandemic,” Farley said.
“Ford shifted more than 100,000 people around the world to remote
work virtually overnight because of COVID-19, and our information
systems haven’t missed a beat.”
Ford will strengthen its commitment to two key areas by having
separate senior leaders run the Lincoln Motor Company and Global
Marketing.
Joy Falotico, 53, who has been president of Lincoln and
Ford’s chief marketing officer for nearly three years, will be
dedicated solely to further growing Ford’s luxury brand once a new
chief marketing officer is named shortly. She will report to Kumar
Galhotra, president, The Americas and International Markets.
“This change will allow Joy to focus on accelerating Lincoln’s
global growth through great vehicles and services and a truly
differentiated customer experience,” Galhotra said. “Lincoln’s
completely refreshed lineup is resonating with customers in the
U.S. as well as in China, where we are now producing the Lincoln
Aviator and Corsair locally, for Chinese customers – and that’s
just the beginning.”
Separately, in Europe, Dale Wishnousky, 57, vice
president, Manufacturing, Ford of Europe, will retire at the end of
the year. His career with the company started in 1987 and spanned
key manufacturing and service leadership roles in multiple
countries. Kieran Cahill, 53, previously director,
Manufacturing and Strategic Projects, Ford of Europe, succeeds
Wishnousky, effective immediately.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in
Dearborn, Michigan. The company designs, manufactures, markets and
services a full line of Ford cars, trucks, SUVs, electrified
vehicles and Lincoln luxury vehicles, provides financial services
through Ford Motor Credit Company and is pursuing leadership
positions in electrification; mobility solutions, including
self-driving services; and connected services. Ford employs
approximately 188,000 people worldwide. For more information
regarding Ford, its products and Ford Motor Credit Company, please
visit corporate.ford.com.
For news releases, related materials and high-resolution photos
and video, visit www.media.ford.com.
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Media: T.R. Reid 1.313.319.6683
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Antipas Tyson 1.914.485.1150 ltyson4@ford.com
Fixed Income Investment Community:
Karen Rocoff 1.313.621.0965 krocoff@ford.com
Shareholder Inquiries:
1.800.555.5259 or 1.313.845.8540 stockinf@ford.com
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