Ford has 'similarities' to Whole Foods-Amazon merger, says incoming CFO

By AutoFOXBusiness

Ford shares surge on Q1 earnings beat

Ford CFO Bob Shanks on the company’s strong first-quarter earnings.

Incoming Ford CFO and former Amazon executive Tim Stone related his pending work at the carmaker to the e-commerce giant’s merger with Whole Foods.

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Stone led the integration of Amazon and Whole Foods and, according to him, the three companies have “far more similarities,” despite the different industries in which they all operate.

“You are able to bring together the strengths of two business together…and achieve even more together,” he told attendees at an event hosted by Goldman Sachs on Wednesday. “I see some opportunities in Ford similarly.”

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Key to the Dearborn, Michigan-based company’s future, Stone says, is the ability to couple the carmaker’s existing strengths with “the technology opportunities ahead of us.”

“I’m going to be focused on building the customer experience,” he said. “We can enhance the customer experience utilizing technology.”

TickerSecurityLastChange%Chg
FFORD MOTOR COMPANY10.29-0.11-1.06%
AMZNAMAZON.COM INC.1,869.00-38.57-2.02%

Stone will replace long-time Ford employee and current CFO Bob Shanks as the carmaker undergoes an $11 billion global restructuring effort.

Already, the firm has rolled back operations in Russia and South America, and more actions are coming. Of the total amount slated for the revamp, Ford has only spent $3.5 billion.

The restructuring will be a “rolling thunder as opposed to a big bank,” Shanks said at the conference. “Much of it lies ahead and a lot of it will be in Europe.”

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Among the other issues facing Stone is an investigation from the Department of Justice into how Ford certifies its emissions compliance.