Ford Motor Co's new chief executive, Jim Farley, on Thursday promised the U.S. automaker would move with urgency, responding to investor and analyst criticism of the speed at which his predecessor acted.
new chief executive, Jim Farley, on Thursday promised the U.S. automaker would move with urgency, responding to investor and analyst criticism of the speed at which his predecessor acted.
Ford’s promise to accelerate its turnaround is not new at a time when it is executing an $11 billion restructuring. Hackett and Ford have been criticized by some on Wall Street for not moving quickly enough on its restructuring. At the end of the second quarter, the Dearborn, Michigan-based company had incurred only $3.9 billion of the projected $11 billion in charges.
Ford’s operating margin was 4.1% last year, before falling to negative 4.8% in the first half of 2020 due to the coronavirus outbreak. Ford also said it would separate the Lincoln and marketing jobs to put greater focus on both. Joy Falotico, who had held both the Lincoln and global marketing jobs, will focus on Lincoln once a chief marketing officer is named, in a move meant to accelerate the brand’s growth.
Credit Suisse analyst Dan Levy welcomed Farley’s urgency and Lawler’s ascension, and said investors will expect increased disclosure under the new management team.
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