Ford Motor Company's (F +4.11%) chief financial officer, Tim Stone, will leave the automaker after just a year and a half in one of a series of changes announced today as new CEO Jim Farley takes the reins of the company.
New CEO Jim Farley began his first day in the top job with a series of executive and organizational changes. Image source: Ford Motor Company.
Stone, who is leaving Ford to join an artificial-intelligence company, will be replaced by John Lawler, who most recently led Ford's autonomous-vehicle efforts. Lawler, a 30-year Ford veteran, has also served as the president of Ford China and as the chief financial officer of Ford's Global Markets unit, where he worked alongside Farley.
"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.
Ford also said that Joy Falotico, who serves as both the company's chief marketing officer and as the president of the Lincoln brand, will relinquish the former role to focus on the expansion of Lincoln. Falotico has held both roles since 2018.
A new chief marketing officer will be named later, Ford said.
In addition to the executive moves, the company announced a series of operational changes. Of particular interest to auto investors, Ford will now divide its automotive business into three regional units: the Americas and international markets, Europe, and China.
Farley had kind words for his predecessor, Jim Hackett, who retired as of Wednesday.
"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."
Farley said that Ford will now target "consistent operating performance," including an adjusted operating margin of 8%, with strong positive cash flow.
