Former Lucid Motors Executive Appointed as CFO of Ford, Current Chief Promoted

Ford recently announced a major executive shakeup, with the appointment of the former chief financial officer of electric-vehicle startup Lucid to replace its current CFO. The ex-Lucid executive, Sherry House, will join Ford as finance vice president in early June and will transition into the CFO role by early 2025. Current CFO John Lawler will continue in his position while expanding his role to become vice chair.

Lawler, who has been CFO since October 2020, played a key role in developing Ford’s Ford+ turnaround plan, aimed at making the company more efficient and profitable as it expands its operations and invests billions in electric vehicles. The company has faced challenges such as inflated warranty costs and operational inefficiencies, but is making strides in the electric vehicle market.

Ford’s focus on electric vehicles is highlighted by its recent sales performance, with a 10.5% increase in U.S. sales in February 2024 compared to the previous year. The company saw substantial growth in its all-hybrid and all-electric vehicle sales, including an 81% increase in all-electric vehicles. Despite the positive trajectory, Ford’s EV business is not yet profitable, with expectations of losses between $5 billion and $5.5 billion in 2024.

Sherry House brings valuable experience to Ford, having served as CFO at Lucid Motors for almost three years, overseeing the company’s public listing, production, and expansion into new markets. Her background also includes roles at Alphabet-backed autonomous-driving technology company Waymo and General Motors. Ford President and CEO Jim Farley expressed confidence in House’s leadership abilities, emphasizing the importance of building a profitable EV business and creating new revenue streams.

In response to the growing focus on electric vehicles, Ford reorganized its operations in 2022, splitting EVs and legacy autos into separate units to optimize the growing EV business and maximize profitability. The company is positioning itself for success in the EV market and is committed to driving innovation and sustainability in the automotive industry.

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