Ford shuffles executive team
November 7, 2014
Ford Motor Co. has announced a new head of its European division in an attempt to jumpstart sales on the Continent that have flat-lined since 2010.
Jim Farley, 52, will replace Stephen Odell, 59, at the helm of the Germany-based operation, which also oversees Africa and the Middle East. Odell, who led the European arm for six years, will take over the seat vacated by Farley, as Ford’s global marketing chief.
Management reshuffle
It’s the biggest leadership shake-up since Mark Fields took over as CEO in July.
Ford is betting on Farley to lead its turnaround in Europe, driven by new product launches and cost-cutting measures, as the carmaker is battling with sputtering profits amid a sluggish economy. Despite slightly improving sales, Ford reported third-quarter losses of $439 million (354 million euros) last month.
The carmaker expects to end this year $1.2-billion in the red in Europe.
pad/hg (AP, dpa, Reuters)