In the first-ever external hire by Ford in over seven decades, the American automotive manufacturer has now signed former Amazon executive Tim Stone to be its new chief financial officer.
Ford Motor Co made the announcement this week, which is likely a part of its renewed efforts to catch up with other automotive manufacturers who have now made large moves to adapt to the shifting market.
The 52-year-old executive, who was also the CFO of the social media firm Snap Inc, will be replacing Ford's current CFO Bob Shanks. Stone is reportedly going to be taking over the position in June following Shanks decision to retire from the company after working for Ford for 42 years. Shanks recently mentioned in an interview that he will be working closely with Stone to help in the transition.
The 66-year old executive also stated that he will be assisting in various other projects until the end of the year, where he will be officially retiring.
Stone has had an extensive career in various tech firms, offering them his deep financial background and expertise. Prior to his signing with Ford, Stone had been the CFO of Snap Inc. He gave up that role in less than a year, essentially becoming the second CFO to leave the company in the span of a year. Before his short stint as Snap Inc's CFO, Stone had worked with the e-commerce giant Amazon.com for over 20 years. He served as the company's CFO for several of its online retail businesses, including Amazon Web Services and Kindle.
While Stone may not seem like someone that automakers would normally hire for the position, his experience with tech companies may actually be a big advantage to the current second largest carmaker in the United States. Other automotive manufacturers have started to make moves to integrate with tech companies. Just recently, General Motors had partnered with Amazon to improve its OnStar service. With Stone's connections, it is likely that he can help Ford get the same kind of partnerships with other tech firms in the coming years.
Apart from announcing its new CFO, Ford had also revealed that it is appointing Mark Ovenden as its new president of International Markets Group. He will be replacing Peter Fleet, who will also be retiring by the end of the year.
Ovenden had previously held key roles within the company, including being its Vice President and President of Ford Middle East & Africa and its Vice President of Marketing, Sales & Servicing for Asia-Pacific Region.
