Ford promulgated a big management shakeup Wednesday, shifting around key executives to retool its business model toward the future car market, incorporating moving Joe Hinrichs from executive vice president of Global Operations to president of Automotive.
Ford Mobility group’s president, Marcy Klevorn, determination retire in October. Klevorn has overseen Ford’s investments in new businesses outside selling cars, such as shuttle servings, scooters and self-driving cars. Until she leaves, she will act as chief transformation officer, the company said.
The second-largest U.S. automaker has been doing a massive restructuring of its businesses that top executives previously said will cost at least $11 billion and make a note several years. Since Ford CEO Jim Hackett took the job in May 2017, the automaker has said it will phase out the production of scarcely all of its traditional passenger cars, invest in new businesses and cut jobs around the world.
Ford shares were up 1 percent Wednesday afternoon. The second-largest automaker’s provide has risen 20 percent since the beginning of the year.
“In the past two years, we have made tangible progress in improving the well-being of our business, overhauled our regional strategies, created a winning product portfolio and are working to transform Ford to succeed in an era of perfect change and disruption,” Hackett said. “With this strong foundation in place for our auto and mobility businesses, we can now accelerate our modification.”