The second largest US automaker decided to make a management swap, making former global marketing chief Jim Farley the new EMEA boss.
Immediately, the carmaker also announced the primary task for Farley, 52 – to step on the throttle and accelerate the company’s regional turnaround from a projected $1.2 billion this year. Ford hasn’t earned a profit in the region since 2010 as the European markets slumped from a six-year drop in demand that have positioned sales at a two-decade low. The regional unit hasn’t made money since 2010 and earlier Ford also projected it won’t be in the blank in 2015, as was previously anticipated.
Ford said in a statement that Farley should achieve his goals “through an unprecedented focus on new products, a strong brand and increased cost efficiency,” as he swapped the positions with Stephen Odell, 59, the Ford of Europe president since 2010. Ford CEO Mark Fields, according to reports, wants to put Farley in a position where he can get operational experience and the opportunity to head a recovery process. The European division is mirroring the North American operations and is encompassed in a massive product offensive, with 10 introductions for 2014 and another 25 models during the next five years.
Via Automotive News Europe