Ford CEO Jim Hackett Shuffles Senior Executive Ranks
October 24 2017 - 1:41PM
Dow Jones News
By Mike Colias
Ford Motor Co. chief executive Jim Hackett is shaking up his
senior leadership team five months into the job, moves that could
help him forge a fresh path for the nation's No. 2 auto maker.
The moves announced Tuesday include a number of departures,
including John Casesa, 55, a longtime investment banker and auto
analyst who was brought in under former CEO Mark Fields in early
2015. Mr. Casesa had been tasked with steering Ford's investment
into new products and technologies.
Mr. Casesa's role won't be directly filled, a company
spokeswoman said. Finance chief Bob Shanks will assume
responsibility for global strategy, working closely with Mr.
Hackett and Ford Chairman Bill Ford, she said.
The appointments, most of which take effect Jan. 1, start to
round out an executive team that took shape when Mr. Hackett took
the top job in May. His top lieutenants include Jim Farley, who is
in charge of global markets; Joe Hinrichs, who is running global
operations; and Marcy Klevorn, head of Ford's mobility division, a
key unit that is exploring ways to commercialize transportation
services.
Ford's board installed Mr. Hackett in May after ousting Mr.
Fields amid questions about Ford's direction. Mr. Hackett has said
he wants to speed decision making and "attack" costs at Ford,
targeting $14 billion in annual savings within five years. Earlier
this month he briefed investors on broad plans to accelerate Ford's
development of autonomous vehicles and electric cars, though his
outline left some wanting more specifics.
Ford's share price is flat this year while rival General Motors
Co. has sped forward in recent months amid investor enthusiasm for
its driverless-car program and other advanced technology.
GM shares hit a 52-week high Tuesday after the auto maker
reported a third-quarter $3 billion loss related to the sale of its
European business but posted operating profit that beat analysts'
forecasts. Ford is set to report third-quarter results on
Thursday.
Ford also expanded the role of Kumar Galhotra, who has been head
of the Lincoln luxury brand for the past three years. Mr. Galhotra
will continue to lead Lincoln while also taking on the role of
Ford's chief marketing officer, replacing Stephen Odell, 62, who is
retiring.
The departures include a number of key appointees who ascended
during the tenure of former CEO Alan Mulally, who was succeeded by
Mr. Fields in 2014.
Also leaving is Bennie Fowler, 62, a vice president who has
overseen Ford's product quality and new-model launches since 2010.
He will be replaced by Linda Cash, 55, a company veteran who most
recently has been running the company's European manufacturing
operations.
Human resources head Felicia Fields, 52, will retire after more
than 30 years at the company, Ford said. She will be replaced on an
interim basis by Kiersten Robinson, 47, an executive director in
HR.
Write to Mike Colias at Mike.Colias@wsj.com
(END) Dow Jones Newswires
October 24, 2017 13:26 ET (17:26 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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