Ford CFO John Lawler and Linda Zhang, All Electric F-150 Lightning chief engineer, attend the opening ceremony at the Novel York Stock Exchange, April 28, 2022.
Brendan Mcdermid | Reuters
Ford engine on Friday named the former chief financial officer of the electric vehicle startup Limpid to replace its current chief financial officer, who is being promoted to closely oversee the company’s ongoing turnaround plan, the company said in a statement Press release.
Former Lucid executive Sherry House will join Ford as vice president of finance in early June. In this position, he will work toward transitioning to the role of chief financial officer in early 2025, according to the release.
In the meantime, current CFO John Lawler will continue in his role while expanding his role to include vice president.
Lawler has been CFO since October 2020. During that time, he helped develop the Ford+ turnaround plan, which made Ford more competent and profitable as the company worked to expand its current operations and invest billions in electric vehicles.
Ford has struggled with years of inflated warranty costs, which will reach $1.9 billion in 2023. Last year, the company said it faced a $7 billion to $8 billion annual loss compared to established rivals due to production costs, quality problems and other operational inefficiencies.
The move comes amid Ford’s increased focus on electric vehicles. The automaker’s U.S. sales rose 10.5% in February 2024 compared to February 2023 sales, driven by growth in sales of full hybrid and full electric vehicles. The results included an 81% raise in fully electric vehicles.
“Make no mistake, electric vehicles are coming, electric vehicles are part of the future,” Lawler told CNBC in February.
Despite this, the unit is not yet profitable. As part of its 2024 guidance first released in February, Ford said it expected its electric vehicle business to lose between $5 billion and $5.5 billion this year.
House served as Lucid Motors’ chief financial officer for nearly three years until last December. During this time, the company went public, began producing and supplying luxury electric vehicles, and opened production plants in the US and Saudi Arabia. She also played a role in Alphabet– backed by Waymo and the autonomous driving technology company General Motors.
“Sherry adds an vital leadership dimension to Ford as we urgently build a profitable electric vehicle business, generate fresh and recurring revenue streams, and create a more active and resilient company,” Ford Chairman and CEO Jim Farley said in the release.
Ford has reorganized its business in 2022, splitting electric vehicles and legacy vehicles into two separate units to streamline its growing electric vehicle business and maximize profits.
