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.

Jim Farley, succeeds Jim Hackett as Ford’s 11th President and CEO in the company’s 117-year history. In a virtual town hall meeting with the company’s global team, the new CEO outlined key goals and organizational changes saying that Ford plans to move with urgency to turn around its automotive operations by improving quality, reducing costs and accelerating the restructuring of underperforming businesses.
He noted that 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 and
• 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.”

Farley said that Ford is making changes to its operating model to help deliver on 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 and
• embracing and increasing the diversity of backgrounds, experiences and talent across the company

Farley said that 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 also announced key leadership changes. John Lawler, 54, succeeds Tim Stone to become the CFO overseeing the Finance and Ford Motor Credit organizations. 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.”
Farley thanked the staff for dedicated work and keeping the company afloat through the pandemic.

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 www.corporate.ford.com.