According to a recent report coming from Swiss magazine Bilanz, Ford’s European boss Stephen Odell was going to be replaced by a candidate selected within the ranks of the company.
The European operations have been loosing money for years and the current chief executive has been struggling to turn the tide for the division since he arrived in 2008 to take the job. The report said that Ford chief executive Mark Fields is ready to present the new European chief at the regional headquarters in Cologne, Germany, though didn’t mention the specific timeframe for the announcement or the name of the person that would be promoted. According to the magazine Odell would not be ousted from the company, but merely relegated to a new role within the US automaker. Contacted by Reuters about the story, Ford of Europe spokesman John Gardiner declined to comment on the speculation.
Ford needs to brace for a $1.2 billion loss from the European business this year and deferred its previous forecast that expected the operations to return to profit in the region next year, following a larger third-quarter European that grew from $182 million in 2013 to $439 million. The last time the Detroit-based company made money in Europe was in 2010.