Ford CFO Bob Shanks may be retiring at the end of the year, according to media reports. He's been with Ford 34 years.
Ford Motor Co. is working on thinning its employment numbers this year, apparently it will be able to add one C-Suite executive to those numbers: Chief Financial Officer Bob Shanks.
According to a report on CNBC, Shanks, the automaker’s CFO since 2012, is planning to retire at the end of 2019. He was vice president and controller before taking over his current role. The company declined to comment on Shanks plans specifically.
“As all boards of responsible companies do, our board of directors regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions to take place should the need arise,” a Ford spokesman said in a statement.
Shanks is part of the group that has assembled a plant to cut $25.5 billion in costs as well as spend $11 billion to restructure its business with the ultimate goal of doubling 2018 profits — a target of at least $14 billion.
(Ford takes a loss in fourth quarter as tough 2018 closes. Click Here for the story.)
That actually brings Shanks’ tenure at CFO full circle. He replaced Lewis Booth in toward the end of 2012 when then-CEO Alan Mullaly was in the midst of transforming the automaker into a profit-making enterprise.
There has been no hint or suggestion who might takeover for Shanks, if he leaves this year. Shanks has been with Ford for 34 years holding a variety of positions at the company as well as Mazda, when Ford held a controlling stake in the company.
(Click Here for more about Ford’s new partnership with VW on commercial vehicles, midsize pickups.)
He was appointed a corporate officer of Ford Motor Company in July 2004, when he was elected to the position of vice president, Operations Support, Finance and Strategy, Ford of Europe and Premier Automotive Group (PAG). In that position, he primarily was responsible for driving financial methodology, processes, best practices and synergies between the two entities.
Prior to that assignment, Shanks served as chief financial officer for PAG, as well as for Mazda Motor Corporation. In addition to other finance positions within Mazda, North America and South America, he also led the finance function in Taiwan’s Ford Lio Ho Motor Company and business development activities in Ford’s Asia-Pacific operations.
(To see more about Ford CEO Hackett’s desire to double profits, Click Here.)
Born in 1953, Shanks earned a bachelor’s degree in foreign service from Georgetown University in 1975 and a master’s degree in international management from the American Graduate School of International Management in 1976. He joined the in 1977.