Ford Motor Co's new chief executive, Jim Farley, on Thursday promised the No. 2 U.S. automaker would move with urgency, in contrast to criticism his predecessor faced.
Farley, on his first day as Ford’s 11th CEO, also announced an executive shake-up that included naming a new chief financial officer.
Ford’s promise to accelerate its turnaround is not new at a time when it is executing on an $11 billion restructuring.
“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 in a statement on Thursday. “Now it’s time to charge through that door.”
Ford reaffirmed its goal for operating margins of 8%, something is identified as a 2020 target before the coronavirus pandemic hit. It did not specify when it would achieve this target.
Stone, who will remain with Ford through Oct. 15, accepted a job as COO and CFO with ASAPP Inc, an artificial-intelligence software company.