Jim Hackett describes his method of running Ford Motor Co. in an interview with the Detroit Free Press.
Ryan Garza, Detroit Free Press
Ford Motor Co. announced on Thursday that the carmaker had hired an Amazon financial veteran to lead the senior Whole Foods initiative to take on the role of chief financial officer on June 1 to take over. Successor to longtime Ford CFO Bob Shanks.
Tim Stone, 52, will join the company on April 15, just in time for the annual general meeting of shareholders on May 9. Shanks will remain with Ford A Lead on the shareholder action for the transition to December 2019, which delivered first-quarter sales in April and worked on specific projects.
Stone, who had worked at Amazon during his multi-billion dollar development from 1998 to 2018, left the company as Vice President of Finance. Previously, he was CFO of Amazon Web Services and Digital Content.
Tim Stone became new Ford CFO (Photo: Ford Motor Co.)
Stone left his youngest employer, the Santa Monica-based tech company Snap, Inc. that became known after 10 months for the Snapchat app. Reuters reported on January 15 that he had "gone to pursue other opportunities."
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Bloomberg reported a day later that Stone had hid behind the CEO and asked the board for a "significant" wage increase.
The company said at the time that Stone's resignation was not related to the bookkeeping, strategy, financial or other practices of the company, Bloomberg reported.
On January 21, the tech news site, businessinsider.com, reported "hostility" between Stone and his boss, Evan Spiegel, following Stone's unlawful act and withdrawal.
Stone earned $ 500,000 a year plus $ 20 million worth of initial lock-up.
The founder of Snap Inc. Evan Spiegel is a 28-year-old billionaire.
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Ford declines to state the salary or compensation package that Stone will receive, said Ford spokeswoman Karen Hampton.
In March, Ford reported that Shanks had paid $ 8.4 million in 2018, compared to $ 6.7 million in 2017 and $ 6.3 million in 2016.
Stone is from " However, Ford and the company are bringing an appreciation to the auto industry to the job, Ford said in its announcement.
"Stone worked for his father, a general contractor, and a plumber.His father's vehicles were Ford trucks, and the family drove Ford Explorers and Ford Vans," Ford said in the press release.
In a prepared statement, Stone said it would be an honor for him to join the iconic business and use his experience in building companies of the future to help Ford build the next 100 years.
The Dearborn based company is 115 years old
"Thirty years ago, through my father's business, I saw first-hand how important Ford is to our economy and our community," said Stone. Bob Shanks, Executive Vice President and Chief Financial ” width=”180″ data-mycapture-src=”” data-mycapture-sm-src=””/>
Bob Shanks. Executive Vice President and Chief Financial Officer of Ford Motor Company (Photo: Ford Motor Company)
Stone, who has a Bachelor of Science degree in accounting from the University of Southern California, arrives at Ford when Ford's then dedicated Theodore Yntema, a consulting economist, to Ford.
On June 1, Stone will take over the CFO role and report to Ford CEO Jim Hackett.
The transition from an experienced CFO to the autanalyst found that the automotive industry was notable for someone without industry experience.
The "non-car experience" has the potential to accelerate innovation by looking at the environment through another lens, "said Stephanie Brinley, automotive analyst at IHS Markit." Stone's experience with e-commerce can help Ford do that "Moving Ford from its traditional business to an environment where both automakers and mobility service providers seem to be."
Jon Gabrielsen, an economist who advises automotive companies and suppliers, takes precautions.
"Amazon is one fast-moving distribution company for lighting, which is the opposite of a long-lasting product development and manufacturing company like Ford – the two could no longer be opposed to what you need to know and how you need to act, "said Jon Gabrielsen, an economist, automaker and Suppliers advises.
Karl Brauer, executive editor of Kelley Blue Book, said that Former Ford boss Alan Mullally has proved to the world that outsiders can fit together well.
"If the top man managing the company can come from outside the automotive industry and be successful, I think the CFO can come from outside the industry and be successful," said Brauer. "Ford is interested." "Develop your business and see things in new ways with new revenue streams and new business models."
Ford said the connection between the "smart vehicles" and Amazon is perfect.
I am delighted to have Tim at this incredible time for our Ford company, "said Hackett. "He has been a key player in Amazon's incredible success and understands the principles of fitness and growth as complementary virtues for Ford's future."
Hampton did not want to say if Stone is about to become CEO. She dismissed any concerns about automotive knowledge and said Ford's team was strong.
"We have a very long history of developing deep financial talent at Ford Motor Co., which continues to this day," she said.
Hampton emphasized This stone came to Amazon when it only sold books, and then made investment decisions and made "big bets" to "do what it is today." We believe that experience in addition to its broad financial experience is an asset to the company's team at Ford. "
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