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Ford Motor Co (NYSE:F) said on Thursday that its profitable Ford Pro segment’s CEO Ted Cannis will retire at the end of the month.
What Happened: Cannis has been leading the commercial vehicle business segment since its formation in 2021. He will now be replaced by Ford Blue segment Andrew Frick on an interim basis until the appointment of a new CEO.
Cannis joined Ford in 1989 and has spent over 35 years with the company. He was involved with the development of all the company’s electric vehicle offerings in the U.S. and led the team that developed the company’s Mustang Mach-E electric SUV.
"Ted's energy and passion for customers has been instrumental in building Ford Pro into a business that's tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right," Ford CEO Jim Farley said.
Why It Matters: Ford Pro is a highly profitability segment for the company. For the second quarter, the company reported earnings before interest and tax (EBIT) of $2.6 billion for the segment, marking a year-on-year increase of 7%, and a margin of 15%. No other Ford segment had an EBIT margin as high in the last quarter.
The segment reaped a revenue of $17 billion in the three months through the end of June owing to the strong demand for Super Duty trucks and Transit commercial vans.
For the whole year, Ford expects an EBIT of $9 billion to $10 billion for the segment.
Price Action: Ford shares closed 1.6% higher at $10.62 on Thursday. The stock is down 12.7% year-to-date, according to data from Benzinga Pro.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
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Photo courtesy: Ford Motor
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