Bob Shanks, Peter Fleet to Retire from Ford
Ford Motor Company Chief Financial Officer Bob Shanks has announced his plans to retire at the end of 2019, confirming a report from February. Shanks, a 42-year veteran at Ford, is to be succeeded by former Snap Inc. CFO Tim Stone, who will also take on the role of company officer. Stone will begin in the latter role on April 15 and will become CFO effective June 1, and he will report in all respects to Ford CEO and President Jim Hackett.
“Bob will leave a remarkable 42-year legacy at Ford,” said Hackett. “As a CFO, he’s been relentless in driving for results and pushing the company to greater heights. He’s also been a wonderful colleague who leads with integrity, warmth, and humor. Bob’s leadership was integral to Ford’s comeback during the great recession, and he has been an invaluable partner as we transform Ford to succeed in the next era.”
Shanks will work with Stone as he transitions into the role, and the two are set to collaborate on special projects through the end of 2019. Stone notes that his father was a plumber and general contractor whose fleet consisted of Ford trucks.
Peter Fleet Retiring
Ford also announced the retirement of Peter Fleet, the current president of International Markets Group. Fleet has been a part of Ford marketing, sales, and service and business operations for nearly 30 years, serving as the president of Ford Asia Pacific and vice president of Sales for Ford of Europe among other roles.
Fleet’s replacement is Mark Ovenden, the current president of Ford Middle East and Africa, who will step into the role effective April 1. Under Ovenden’s eye, International Markets Group will become a reporting business unit at the start of 2020, overseeing approximately 100 global markets. He will report to Ford Global Markets President Jim Farley.
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“With the establishment of IMG, we have a unique opportunity to create a new business model with a diverse culture and an agile mindset to deliver profitable growth. This new group will be a lean, dynamic, and networked team focused on leveraging both local customer insights and Ford’s global know-how,” Farley said. “Globally, some of the highest growth markets in the next five years are located in this part of the world.”
Ford of Europe Moves
It was also announced that Chief Operating Officer of Ford North America Stuart Rowley is stepping into the role of president for Ford of Europe, replacing Steven Armstrong. Armstrong becomes the new chairman of Ford of Europe, a role in which he will head up transformation projects and joint ventures. Both appointments take effect April 1.
Current Vice President of Joint Ventures, Alliances, and Commercial Affairs in Europe Birgit Behrendt is also set to retire at the end of March. She will stay on as a member of the Ford Werke Supervisory Board. No replacement has been announced as yet.