Ford has a new Chief Operating Officer, as its current president Joe Hinrichs is retiring.
Ford is hoping Jim Farley, the new COO, will drive solid execution. Farley joined Ford in 2007 as head of marketing and sales and rose through the organization since.
Ford posted a $1.7 billion GAAP net loss. Adjusted earnings per share was 12 cents against analyst estimates of 17 cents. Revenue of $39.7 billion beat estimates of $39.6 billion.
CEO Jim Hackett said the poor financial performance resulted from poor execution. “Financially, the company’s 2019 performance was short of our original expectations, mostly because our operational execution – which we usually do very well – wasn’t nearly good enough,” Hackett said.
The stock is down 50% in the past 5 years and down 78% from its all-time high of $37 per share it hit in 1999.
Ford, a traditional automotive manufacture, may soon get exposed to electric vehicles and autonomous driving.
What Ford needs the most out of Farley? He must provide leadership and execution.