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Report: Ford CFO Bob Shanks to Retire

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Ford Motor Company CFO Bob Shanks
Photo: Ford Motor Company

Bob Shanks, chief financial officer for the Ford Motor Company, is expected to retire at the end of 2019 according to sources.

CNBC learned from sources familiar with the situation that Shanks, who turned 66 in January, is planning his retirement with the intention of staying on with the company through the end of the year. Per Phil LeBeau, Shanks would likely remain on to help the new CFO (who will likely be appointed sometime during the second half of the year) transition into the role.

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Ford told CNBC,: “As all boards of responsible companies do, our board of directors regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions to take place should the need arise.”

In a statement to the Detroit Free Press, an unnamed senior executive with Ford said that “Bob has had a great career and is widely loved at Ford. He was instrumental in the North American turnaround that saved the company.”

Shanks took on the role of Ford Motor Company CFO on April 1, 2012, presiding over all financial operations. His career with Ford spans more than 40 years and includes service as the vice president of Operations Support, Finance, and Strategy for Ford of Europe and Premier Automotive Group as well as CFO of PAG and Mazda Motor Corporation.

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News Source: CNBC, Detroit Free Press