Ford Chief Financial Officer John Lawler and Linda Zhang, chief engineer of the company’s all-electric F-150 Lightning, attend the opening bell at the New York Stock Exchange on April 28, 2022 ceremony.
Brendan McDermid | Reuters
Ford Former chief financial officer of electric vehicle startup named on Friday wide awake The company said it will replace its current financial officer, who will be promoted to closely oversee the company’s ongoing turnaround plan. Press release.
Former Lucid executive Sherry House will join Ford as vice president of finance in early June. In this role, she will work to transition to the role of chief financial officer in early 2025, according to the release.
Meanwhile, current Treasurer John Lawler will remain in his role while expanding his responsibilities to serve as Vice Chairman.
Lawler has served as treasurer since October 2020. .
Ford has faced high warranty costs for years, which will reach $1.9 billion by 2023. is US$7 billion to US$8 billion.
The move comes as Ford ramps up its focus on electric vehicles. The automaker’s U.S. sales in February 2024 were up 10.5% from February 2023 due to growth in full hybrid and all-electric vehicle sales. Results included an 81% increase in all-electric vehicles.
“There’s no question that electric vehicles are coming, electric vehicles are part of the future,” Lawler told CNBC in February.
Still, the unit has yet to turn a profit. As part of its 2024 guidance first released in February, Ford said it expected to lose $5 billion to $5.5 billion from its electric vehicle business this year.
House served as Lucid Motors’ chief financial officer for nearly three years until last December. During this time, the company went public, began producing and delivering luxury electric vehicles, and opened manufacturing plants in the United States and Saudi Arabia. She has also held the following roles: letter-Supports autonomous driving technology companies Waymo and General Motors.
“Shirley adds significant leadership to Ford as we urgently need to build a profitable electric vehicle business, generate new recurring revenue streams and create a more sustainable electric vehicle business,” Ford President and CEO Jim Farley said in a news release. Dynamic and resilient company.
Ford restructured its business in 2022, splitting electric and conventional vehicles into two separate divisions to streamline its growing EV business and maximize profits.
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