Welcome to Extreme Investor Network, where we bring you the latest updates and insights in the world of business news. Today, we have some exciting news from Ford Motor Company.
Ford recently announced that it has named Sherry House, the former chief financial officer of electric-vehicle startup Lucid, as its new CFO. House will be joining Ford as finance vice president in early June, with plans to transition into the CFO role by early 2025. This move comes as Ford intensifies its focus on electric vehicles, with the company expecting its EV business to lose between $5 billion and $5.5 billion this year.
The current CFO, John Lawler, who has been in the position since October 2020, will continue in his role while expanding his responsibilities to become vice chair. Under Lawler’s leadership, Ford has been working on the Ford+ turnaround plan to enhance efficiency and profitability, along with significant investments in electric vehicles.
Ford has faced challenges such as inflated warranty costs and operational inefficiencies in the past, but with the new leadership in place, the company is gearing up for a transformation. The automaker’s U.S. sales saw a 10.5% increase in February 2024 compared to the same period last year, thanks to strong sales of hybrid and all-electric vehicles.
Sherry House brings a wealth of experience to Ford, having served as CFO at Lucid Motors and held roles at Alphabet-backed Waymo and General Motors. Ford President and CEO Jim Farley expressed confidence in House’s leadership abilities, stating that she will play a crucial role in building a profitable EV business and creating new revenue streams for the company.
In response to the growing EV market, Ford reorganized its operations in 2022 by splitting EVs and legacy autos into two separate units. This strategic move aims to streamline the EV business and maximize profits in the rapidly evolving automotive industry.
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