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https://www.freep.com/story/money/c...cfo-tim-stone-john-lawler-shakeup/5877284002/
Ford CFO replaced in management shake-up on Day 1 of new CEO
At 8 a.m. Thursday on the first day of Jim Farley stepping into his new CEO role at Ford Motor, the company announced "operational and leadership changes" designed to do what Farley has promised publicly: drive growth and speed transformation of the 117-year-old automaker.
The plan, Ford said, is to "turn around automotive operations; allocate capital to Ford's strongest franchises and high-growth opportunities, and produce compelling, uniquely Ford electric vehicles at scale."
First of all, Farley replaced the relatively new Chief Financial Officer Tim Stone with Ford veteran John Lawler, 54, effective immediately. Lawler will oversee the finance and Ford Motor Credit operations. Stone accepted a job at ASAPP Inc., an artificial intelligence software company.
Ford CEO Jim Farley announced a management shakeup on Day 1 of his new job. Ford CEO Jim Farley announced a management shakeup on Day 1 of his new job. "Stone will remain with Ford through Oct. 15 to ensure a smooth transition," Ford said.
Former CEO Jim Hackett announced the hiring of Stone, 53, who had no automotive experience, in March 2019, despite Stone's controversial departure from his previous employer where he reportedly went around the CEO to seek a pay raise that was denied.
Ford retained former CFO Bob Shanks on the payroll while also paying Stone. Ford explained at the time that it was to assist with transition; Stone was hired in April 2019 and assumed the job two months later. The company ended up paying the CFO and former CFO more than $8 million each that year, according to its regulatory filings. The company confirmed Thursday that the "employee adviser" role ended for Shanks at the end of 2019.
On Feb. 4, when reporting that annual profits plunged from $3.7 billion one year earlier, Tim Stone characterized the company's financial performance as "not OK."
In 2019, the cumulative compensation for the six top executives at Ford Motor Co. — $70 million — exceeded the automaker's annual net income of $47 million, a year that included pension payments, global restructuring costs, a botched Ford Explorer launch and billions in warranty costs.
This year began with disruption and factory shutdowns caused by COVID-19. But Ford has resumed full production and is focused now on launching its 2021 Ford Bronco, all-new Ford F-150 and all-electric Mustang Mach-E.
Ford CFO replaced in management shake-up on Day 1 of new CEO
At 8 a.m. Thursday on the first day of Jim Farley stepping into his new CEO role at Ford Motor, the company announced "operational and leadership changes" designed to do what Farley has promised publicly: drive growth and speed transformation of the 117-year-old automaker.
The plan, Ford said, is to "turn around automotive operations; allocate capital to Ford's strongest franchises and high-growth opportunities, and produce compelling, uniquely Ford electric vehicles at scale."
First of all, Farley replaced the relatively new Chief Financial Officer Tim Stone with Ford veteran John Lawler, 54, effective immediately. Lawler will oversee the finance and Ford Motor Credit operations. Stone accepted a job at ASAPP Inc., an artificial intelligence software company.
Ford CEO Jim Farley announced a management shakeup on Day 1 of his new job. Ford CEO Jim Farley announced a management shakeup on Day 1 of his new job. "Stone will remain with Ford through Oct. 15 to ensure a smooth transition," Ford said.
Former CEO Jim Hackett announced the hiring of Stone, 53, who had no automotive experience, in March 2019, despite Stone's controversial departure from his previous employer where he reportedly went around the CEO to seek a pay raise that was denied.
Ford retained former CFO Bob Shanks on the payroll while also paying Stone. Ford explained at the time that it was to assist with transition; Stone was hired in April 2019 and assumed the job two months later. The company ended up paying the CFO and former CFO more than $8 million each that year, according to its regulatory filings. The company confirmed Thursday that the "employee adviser" role ended for Shanks at the end of 2019.
On Feb. 4, when reporting that annual profits plunged from $3.7 billion one year earlier, Tim Stone characterized the company's financial performance as "not OK."
In 2019, the cumulative compensation for the six top executives at Ford Motor Co. — $70 million — exceeded the automaker's annual net income of $47 million, a year that included pension payments, global restructuring costs, a botched Ford Explorer launch and billions in warranty costs.
This year began with disruption and factory shutdowns caused by COVID-19. But Ford has resumed full production and is focused now on launching its 2021 Ford Bronco, all-new Ford F-150 and all-electric Mustang Mach-E.
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