Ford is beginning to prepare for the retirement of its long-time employee and current CFO Bob Shanks, FOX Business has learned.
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The pending departure of Shanks -- who assumed the top financial role in 2012 and has been with the Dearborn, Michigan-based carmaker since 1977 -- comes as Ford continues work on a $11 billion restructuring effort. It also comes amid a critical year for the company as it starts to roll-out new models in an attempt to reverse a string of disappointing quarterly earnings. The stock has lost 21 percent over the past 12 months.
“As all boards of responsible companies do, our board of directors regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions to take place should the need arise," a Ford spokesman told FOX Business.
Shanks could not immediately be reached for comment.
While the time table for his departure was not immediately clear, a replacement could start as soon as the second half of 2019, according to CNBC. Ford has already retained an outside search firm to help find a replacement, the Detroit Free Press reported on Thursday.