Ford Names New CFO, International and European Chiefs

March 21, 2019 at 2:21 PM

Ford Motor Co. has named outsider Tim Stone to take over as chief financial officer on June 1, succeeding Bob Shanks who will retire at year-end after 42 years with the company.

Stone, 52, is a veteran executive at He most recently served as CFO of Snap Inc., owner of messaging app Snapchat. Stone will help Ford transition from vehicle producer to mobility provider.

Separately, Mark Ovenden will take over as president of Ford’s International Markets Group on April 1, ahead of the group becoming a reporting business unit in January. He currently is president of Ford Middle East and Africa. Ovenden succeeds Peter Fleet, 51, who is retiring after 30 years with the company.

Ford also has appointed Stuart Rowley, currently chief operating officer for Ford North America, as president of Ford of Europe. Rowley succeeds Steven Armstrong, who has been named chairman of the European unit. The two men will lead Ford’s plan to streamline its operations in Europe and enable them to become sustainable profitable.