Ford Motor Co. has announced the appointment of a seasoned professional from the electric- and autonomous-vehicle industries as its new chief financial officer for next year. This move comes as the automaker reevaluates its strategy in response to changes in the electric-vehicle industry.
Ford announced that Sherry House, formerly the CFO of electric-vehicle manufacturer Lucid Group Inc., will be joining the company next month as its vice president of finance. According to Ford, House’s recruitment is a strategic move in preparation for her upcoming role as the next chief financial officer, succeeding John Lawler in the near future.
On Friday, Ford’s shares experienced a 1.2% decline. The stock has experienced fluctuations over the past 12 months, resulting in a modest 1% gain over that period.
Lawler, who has served as Ford’s chief financial officer since October 2020, will continue in that position for the foreseeable future. Additionally, Lawler will assume the role of vice chair beginning next month, according to the company’s announcement.
House served as Lucid’s chief financial officer for almost three years before stepping down from that position in December. During that period, Ford mentioned that Lucid made significant progress by going public and establishing production facilities in both the United States and Saudi Arabia. Prior to that, House was employed at Waymo, Alphabet Inc.’s autonomous-car company.
Ford Chief Executive Jim Farley expressed his enthusiasm for House’s addition to the company, highlighting the value of House’s leadership in Ford’s efforts to establish a successful EV business, generate revenue, and enhance the company’s overall strength and adaptability.
Prior to assuming the role of CFO, House will be responsible for conducting financial-planning analysis for Ford’s automobile businesses. As Ford expands its team with professionals from the tech industry, Lawler will shift his attention towards the company’s technological choices, as well as its international business partnerships and interests, according to Ford.
The sales of electric vehicles have been impacted by increased competition and a decline in demand. The initial enthusiasm for early adoption has waned, and there are still lingering concerns about the availability of charging infrastructure in the United States.
On the other hand, Ford’s hybrid vehicles have gained significant popularity. Ford experienced a significant increase in sales of their hybrids during the first quarter. Additionally, the demand for their work trucks helped to offset any weaknesses in their EV business.
Ford has also scaled back its investments in fully self-driving cars. Regulators have initiated an investigation into two tragic accidents reportedly linked to certain advanced driver-assistance features offered by Ford.