Ford Motor Company today announced that Chief Financial Officer Bob Shanks plans to retire from the company at the end of 2019. He will be succeeded by Tim Stone, an accomplished finance executive who served 20 years at Amazon Inc., and as CFO of Snap Inc.
Stone, 52, will join Ford on April 15 as a company officer and assume the role of CFO on June 1. He will report to Ford President and CEO Jim Hackett.
“Bob will leave a remarkable 42-year legacy at Ford,” Hackett said.
“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. 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.
“Thirty years ago, through my father’s business, I witnessed firsthand the importance of Ford to our economy and our community,” Stone said. “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.”