The stock was up 0.65% to $8.56 a share Thursday morning.
Shanks has been with the company since 1977 and has served as finance chief and executive vice president since 2012. Tim Stone, a former Amazon.com executive and former chief financial officer of Snap, will succeed Shanks, effective June 1.
"Bob will leave a remarkable 42-year legacy at Ford," said CEO James Hackett. "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."
Ford also announced other leadership changes Thursday. Peter Fleet, president of international markets group, will retire, with Mark Ovenden replacing Fleet. Birgit Behrendt, vice president of joint ventures, alliances and commercial affairs, and Ford of Europe will retire. Stuart Rowley will be president of Ford of Europe, and Steven Armstrong will be named chairman of Ford Europe.
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