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March 22, 2019

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Amazon’s Stone to become Ford CFO

Ford Motor Co yesterday named Inc veteran Tim Stone as chief financial officer, the automaker’s first external hire for the role in seven decades.

Stone, 52, replaces Bob Shanks, who will retire at the end of the year after serving the company for 42 years.

Stone held various financial roles at Amazon for two decades, and was most recently CFO of Snapchat messaging app owner, Snap Inc.

He decided to quit Snap less than a year after taking the job, becoming the second finance chief to leave the company in a year since the much-criticized redesign of the app.

Stone will take over as CFO on June 1, Ford said.

The No. 2 US carmaker said Shanks, 66, will work closely with Stone on the transition and then on special projects through the end of the year.

The last time Ford named an outsider to the role of CFO was in 1949 when Theodore Yntema, previously a consulting economist to Ford, was hired for the position.

Yntema mentored a group of young executives who came to be known as “the whiz kids.”

The group included Robert McNamara and Arjay Miller, both of whom later became Ford presidents.

Stone will report to Chief Executive Jim Hackett.

“Bob’s leadership was integral to Ford’s comeback during the great recession,” Hackett said.

The automaker also named Mark Ovenden to the role of president of International Markets Group.

He will replace Peter Fleet, who will retire.

Fleet previously served as president of Asia Pacific, a region that reported the biggest loss during the fourth-quarter, hit by plummeting sales in China.


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