FORD CEO Jim Farley has announced big changes on the horizon as the automaker continues to struggle.
The company announced changing leadership ahead of its final earnings call from 2024.
GettyThe automaker saw a decline in sales[/caption] GettyFord’s CEO Jim Farley announced major changes to its personnel[/caption]First on the chopping block is Chief Financial Officer John Lawler, who was expected to present the company’s progress and trajectory to analysts for the last time.
Lawler’s position will be occupied by Sherry House, who has been working under the automaker’s umbrella already as the vice president of finance.
House, an ex-General Motors employee, will take over CFO duties starting Thursday.
Her predecessor will continue to work with the company to improve its “strategy, partnerships, alliances, and corporate development,” as reported by Detroit Free Press.
The company has awarded Marin Gjaja, who joined Ford in 2022, the position of chief strategy officer.
Previously, Gjaja served as the company’s COO for Ford Model e — a division that develops electric vehicles, digital platforms, and special software.
“We have a compelling strategy in Ford+, and John’s and Marin’s experience will help us capitalize on opportunities to deploy capital and create advantages amid the major shifts taking place in technology, policy, customer preferences and new competition,” Farley said.
The company’s vice president of strategy and partnerships, David McClelland, announced that he will retire after taking over the position over five years ago.
McClelland took on many roles across the company – including CEO of Ford Motor Credit – for over 3 decades.
The automaker also announced Andrew Frick, President of Ford Blue, will take on even more responsibility managing and overseeing Ford Model e.
Ford emphasized a commitment to improving customer service by appointing Daniel Justo, vice president of Ford’s Customer Service Division, to simplify the company’s customer service experience.
It’s no secret that these changes come after the company suffered a serious financial blow this last quarter after trying to get into the EV business.
Ford blamed the tank in sales on two underperforming models that were expensive to build and produce.
On Monday, Lawler told shareholders that net income nosedived 25% in the third quarter and blamed the company’s $1 billion investment in EVs.
We have a compelling strategy in Ford+, and John’s and Marin’s experience will help us capitalize on opportunities to deploy capital and create advantages amid the major shifts taking place in technology, policy, customer preferences and new competition.
CEO Jim FarleyDetroit Free PressThe external pressures have created a “cost gap” compared to foreign competitors, meaning it’s more expensive for Ford to make cars.
“That’s not to say we haven’t taken costs out. We have,” Lawler said.
“We’ve taken cost out, but we’re not going it at a pace faster than our competition.”
Ford reported $10 billion in sales this quarter, which is down from an expected $12 billion.
Consumers said the company’s honesty and integrity will keep them going.
“Jim Farley’s honesty about how far behind they are and what they have to change to catch up is one of the reasons I think they actually have a chance of surviving as a legacy auto maker in the next generation of transportation. He gets it,” tweeted Paul Branham.
Despite the decline in sales, the automaker has teased the idea of a standalone supercar with the iconic Raptor branding.
Global director of Ford Performance Mark Rushbrook weighed in on this, noting that he wants to release something above the current F-150, Bronco, and Ranger-based Raptor offerings.
Rushbrook said: ”Yes, the Raptor T1+ at Dakar represents the ultimate Raptor in many ways, and we’re learning a lot from that both in terms of the competition but also in terms of feedback from customers, so all I can say is stay tuned.”
Ford has not responded to The U.S. Sun’s request for comment.
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