HomeInvesting NewsFord Stock Down, Company Reorganizes Top Team, Looks to Strengthen Supply Chain

Ford Stock Down, Company Reorganizes Top Team, Looks to Strengthen Supply Chain

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Ford stock is at $12.84, a slight decline as of 02:17 PM EDT on Thursday

Following an unanticipated $1 billion increase in supplier costs, Ford Motor Company (NYSE:F) is implementing a number of staff changes to modify its supply chain management on Thursday.

A few significant leadership changes, according to the Michigan-based automaker, will “transform the company’s global supply chain management” and advance EV objectives. While the business undertakes a search for a chief global supply chain officer, CFO John Lawler is anticipated to “oversee a makeover of Ford’s worldwide supply chain operations on an interim basis.” Vice President of the supply chain, Jonathan Jennings, is going to support Lawler and report to him.

Reasons Why Ford Stock Is Increasing Today

Jim Baumbick, vice president of Ford Blue, was given new duties that included managing the company’s complete lead cycle planning, vehicle development engineering, and product development operations in addition to overseeing the development of all Ford Blue products. He will collaborate with Doug Field, who was appointed chief advanced product development and technology officer, to manage software projects involving EVs, software, and ADAS, among others.

For manufacturing engineering, Lisa Drake was given the job “as Ford ramps to a run rate of 2M EVs per year by the end of 2026,” Lastly, Chuck Gray, vice president of EV technologies, was appointed vice president of vehicle hardware engineering. Drake and Gray both answer Field.

Doug, Lisa, and Chuck are assuming larger roles and developing extremely talented teams as the Ford Model e and our $50 billion investment in ground-breaking electric and digital vehicles approach an intense time of execution, according to CEO Jim Farley. “The next generation of software-defined and electric vehicles requires a different emphasis and talent mix from the accomplished Ford team and many intriguing new coworkers joining our organization,” says Ford.

Future Forecast, Ford Stock Price

He continued by stating that some new personnel brings “Silicon Valley credentials” to the company, emphasizing a stronger focus on technology. Roz Ho was given the title of chief connected car software officer and joined after extensive employment with Microsoft and HP Inc. Farley emphasized that Ho will join a large group of executives in driver technology and software who left companies like Amazon, Google, Apple, Aptiv, and others to join Ford.

During the last half of Thursday’s trading session, Ford’s stock price (NYSE:F) decreased by 0.77%.

Featured Image-  Megapixl @ Jevanto

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