Jim Hackett outlines his method of leading Ford Motor Co. in an interview with the Detroit Free Press.
Ryan Garza, Detroit Free Press
Ford Motor Co. announced early Thursday that the company has hired an Amazon veteran to assume the role of chief financial officer as of June 1, succeeding Ford veteran Bob Shanks.
Tim Stone starts with the company on April 15, just in time for the shareholder annual meeting in early May. Shanks will remain with Ford for the transition through 2019.
Ford called Stone “an accomplished finance executive who served 20 years at Amazon Inc.” as well as CFO of Snap Inc., best known for Snapchat.
Stone, 52, will assume the role of CFO on June 1 and report to CEO Jim Hackett.
“Bob will leave a remarkable 42-year legacy at Ford,” Hackett said in the news release. “As a CFO, he’s been relentless in driving for results and pushing the company to greater heights. He’s also been a wonderful colleague who leads with integrity, warmth and humor. Bob’s leadership was integral to Ford’s comeback during the great recession, and he has been an invaluable partner as we transform Ford to succeed in the next era.”
Shanks, 66, will work closely with Stone on the CFO transition and then work on special projects through the end of the year.
“We’re so excited to have Tim join Ford at this incredible time for our company as we strive to become the world’s most trusted company, designing smart vehicles for a smart world,” Hackett said. “He was a key player in the incredible success at Amazon and he understands the principles of fitness and growth as complementary virtues for Ford’s future.”
Stone comes from the tech space, but brings an appreciation for Ford and the auto industry to the job, Ford said in its announcement. Before earning his bachelor’s degree in accounting from University of Southern California, Stone worked for his father, a general contractor and plumber. The vehicles in his dad’s business were Ford trucks and the family drove Ford Explorers and Ford vans, Stone’s biography says.
“Thirty years ago, through my father’s business, I witnessed firsthand the importance of Ford to our economy and our community,” Stone said in the news release. “I am honored to join this iconic company and put my experience building the businesses of the future toward helping Ford build its next 100 years.”
Ford released comment from Tom Szkutak, Amazon chief financial officer from 2002 to 2015, saying, “Tim is an exceptionally talented finance leader and operating business partner. He successfully led the finance function for many fast-growing parts of Amazon during his tenure, including Kindle and other devices, digital content, and Amazon Web Services to name few.”
The statement continued, “Tim also did an outstanding job leading some of the central finance functions like Investor Relations and Corporate Financial Planning and Analysis. Tim’s strong judgment, leadership and business partnering skills will be invaluable in his CFO role at Ford.”
Ford announced a series of additional management changes. This story is developing.
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