Ford names ex-Lucid Motors exec as subsequent CFO, promotes present chief

Ford Motor on Friday named the previous chief monetary officer of electrical automobile startup Lucid to switch its present CFO, who’s being promoted to extra intently oversee the corporate’s ongoing turnaround plan.

The ex-Lucid govt, Sherry Home, will be a part of Ford first as finance vp in early June. She’s set to transition into the CFO position in early 2025, the corporate mentioned in a press release. 

Within the meantime, present CFO John Lawler will proceed in his place whereas increasing his position to turn into vice chair. Lawler has been CFO since October 2020, throughout which he helped construct the corporate’s Ford+ turnaround plan, aimed toward making Ford extra environment friendly and worthwhile as the corporate continues to develop present operations and make investments billions in electrical autos.

Ford has confronted years of inflated guarantee prices, together with $1.9 billion in 2023. The corporate final yr mentioned it has a $7 billion to $8 billion annual drawback in comparison with conventional rivals resulting from manufacturing prices, high quality points and different operational inefficiencies.

The transfer comes as Ford amps up its give attention to electrical autos. The automaker’s U.S. sales jumped 10.5% in February 2024 in contrast with February 2023, because of will increase in its all-hybrid and all-electric autos gross sales. The outcomes included an 81% bounce in all-electric autos. 

“Make no mistake, EVs are coming, EVs are a part of the longer term,” Lawler had told CNBC again in February.

Nonetheless, the unit isn’t but worthwhile. As a part of its 2024 steerage, first launched in February, Ford mentioned it anticipated its EV business to lose between $5 billion and $5.5 billion this yr.  

Home served as CFO at Lucid Motors for almost three years till final December. Over that point, the corporate went public, began producing and delivering its luxurious EVs, and opened manufacturing vegetation within the U.S. and Saudi Arabia. She’s additionally held roles at Alphabet-backed autonomous-driving know-how firm Waymo and General Motors.

“Sherry provides an vital management dimension to Ford as we urgently construct a worthwhile EV enterprise, generate new and recurring income streams, and create a extra dynamic and resilient firm,” Ford President and CEO Jim Farley mentioned within the press launch. 

Ford reorganized its operations again in 2022, splitting EVs and legacy autos into two separate items in a transfer to streamline the rising EV enterprise and maximize earnings.