Ford Motor Co. has announced plans to have a new chief financial officer by early 2025, with current CFO John Lawler taking on the additional title of vice chair to assist with future strategic decisions. Sherry House, former CFO at Lucid Motors, will be taking over as CFO at Ford in 2025. Before assuming the CFO role, House will oversee financial planning and analysis for Ford’s various automotive businesses.
The position of CFO at Ford has been a significant one for nearly 80 years, with individuals like J. Edward Lundy and Robert McNamara, part of the “Whiz Kids” group, holding the role at various points in the company’s history. Lundy held various financial positions at Ford before retiring in 1979, exerting significant influence over the company. The finance staff at Ford has been known for going beyond traditional bean counting to encompass long-term planning and other crucial functions.
In the early 2000s, then-CFO Don Leclair played a pivotal role in helping Ford avoid government-backed bankruptcies by leveraging nearly all of the company’s assets as collateral for borrowings. This move, along with the leadership of CEO Alan Mulally, allowed Ford to navigate financial difficulties and stay afloat amidst challenges faced by other automakers. Mulally played a key role in selling the plan to Wall Street and steering Ford towards growth.
As Ford navigates the transition to electric vehicles while still relying on profits from traditional internal-combustion trucks, the appointment of Sherry House as CFO represents a significant move within the auto industry. House’s experience at Lucid Motors, an electric vehicle maker, could bring valuable insights to Ford as it continues to evolve and adapt to changing market dynamics. The financial decisions made by House and her team will have a significant impact on Ford’s future success and sustainability.
The announcement of House as the incoming CFO and Lawler’s new role as vice chair signals a strategic shift within Ford’s leadership team. By bringing in individuals with diverse backgrounds and experiences, Ford appears to be positioning itself for growth and innovation in the rapidly changing automotive industry. The decisions made by House and Lawler in their respective roles will shape Ford’s future trajectory and overall success in the coming years.
Overall, Ford’s decision to appoint a new CFO and redefine the responsibilities of its current CFO reflects the company’s commitment to adapting to changing market conditions and staying competitive in the evolving automotive landscape. With House set to take on the CFO role in early 2025, Ford is looking to leverage her expertise in finance and electric vehicles to drive growth and success in the years ahead. The legacy of financial leadership at Ford continues, with House poised to make a significant impact on the company’s future direction.
