Just days after Ford reported a $1.7 billion operating loss during the fourth quarter, released 2020 guidance that failed to impress, and prompted a nearly double-digit drop in its shares in after-hours trade, the Detroit carmaker has announced a major executive shakeup on Friday.
WSJ reports that Ford President Joe Hinrichs is retiring, an ouster likely tied to the company's poor performance, now that its shares are trading at less than $9 while Tesla trades at an almost unbelievable multiple.
Strategy Chief Jim Farley will take his place.
- FORD PRESIDENT OF AUTOMOTIVE JOE HINRICHS TO RETIRE: DJ
- FORD TO NAME STRATEGY CHIEF JIM FARLEY COO: DJ
Last year, Ford angered president Trump by laying off thousands of manufacturing employees as it ended production for all of its sedans in North America as it pivots to focusing on the trucks and SUVs that comprise its most popular models.
Ford shares ticked higher on the news, though the reaction was relatively muted.
Maybe he can get a job at Tesla?