Ford Motor Co. (F) named John Lawler as its chief financial officer on Thursday, and unveiled organizational changes under new CEO Jim Farley. Lawler was most recently CEO of Ford Autonomous Vehicles and has been at Ford for 30 years. The executive is replacing Tim Stone, who is leaving the company. Farley said the company is aiming to turn around its automotive business by allocating capital to its strongest franchises and high-growth opportunities. The company will add more affordable vehicles to its global line-up and give more decision-making power to its regional business units. The car maker will add a suite of software services that aim to drive loyalty and generate recurring revenue streams. The company is aiming to achieve adjusted EBITDA of 8% of revenue with strong adjusted free cash flow. Shares were up 1.4% in premarket trade, but have fallen 28% in the year to date, while the S&P 500 has gained 4%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
October 01, 2020 08:15 ET (12:15 GMT)
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