Ford shakes up management to retool business model to high-tech autos

on Apr10
by | Comments Off on Ford shakes up management to retool business model to high-tech autos |

Jim Farley, Ford Motor Company Executive Vice President and President of Global Markets, reveals the 2020 Ford Mustang Shelby GT 500 at the 2019 North American International Auto Show during Media preview days on January 14, 2019 in Detroit, Michigan.

Bill Pugliano | Getty Images

Jim Farley, Ford Motor Company Executive Vice President and President of Global Markets, reveals the 2020 Ford Mustang Shelby GT 500 at the 2019 North American International Auto Show during Media preview days on January 14, 2019 in Detroit, Michigan.

Ford announced a big management shakeup Wednesday, shifting around a number of key executives to retool its business model toward the future car market, including moving its global markets head Jim Farley to oversee the company’s self-driving technology group.

Ford’s former Executive Vice President of Global Operations Joe Hinrichs will now become President of Automotive. In this role he will oversee product Development, purchasing, manufacturing, marketing and sales, as well as be responsible for and the company’s global business units around the world, the company said in a press release.

Farley and Hinrichs will assume their new roles May 1.

Ford Mobility group President Marcy Klevorn will retire in October. Klevorn has overseen Ford’s investments in new businesses outside selling cars, such as shuttle services, scooters and self-driving cars. Until she leaves, the company said she will act as chief transformation officer, the company said.

The second-largest U.S. automaker has been undertaking a massive restructuring of its businesses that top executives previously said will cost at least $11 billion and take several years. Since Ford CEO Jim Hackett, took the job in May 2017, the automaker has said it will phase out the production of almost all of its traditional passenger cars, invest in new businesses and cut jobs around the world.

Ford shares rose slightly in premarket trading. The second-largest automaker’s stock has risen 20 percent since the beginning of the year.

“In the past two years, we have made tangible progress in improving the fitness of our business, overhauled our regional strategies, created a winning product portfolio and are working to transform Ford to succeed in an era of profound change and disruption,” Hackett said. “With this strong foundation in place for our auto and mobility businesses, we can now accelerate our transformation.”



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