Ford CFO Shanks retires; former Snap CFO Stone to take over

Ford Motor Co. said its chief financial officer, Bob Shanks, will retire in December, capping a 42-year career at the automaker.

The Dearborn, Michigan-based company on Thursday said that Tim Stone will succeed Shanks as chief financial officer. Stone will come to Ford in April and takes over as CFO on June 1. Stone, 52, joins Ford after serving as the CFO of Snap Inc. and a 20-year stint at Inc.

"We're so excited to have Tim join Ford at this incredible time for our company as we strive to become the world's most trusted company, designing smart vehicles for a smart world," Ford CEO Jim Hackett said. "He was a key player in the incredible success at Amazon and he understands the principles of fitness and growth as complementary virtues for Ford's future."

Ford also announced other executive appointments. Peter Fleet, president of International Markets Group, will retire and be succeeded by Mark Ovenden.

Also, Stuart Rowley was named president, Ford of Europe, and Steven Armstrong was named chairman, Ford of Europe.

Meanwhile, Birgit Behrendt, vice president, joint ventures, alliances and commercial affairs, Ford of Europe, will retire.

The automaker had announced in January that it would move to strengthen the Ford brand in Europe and create a "sustainably profitable business" there.

In morning trading, Ford shares added 4 cents to $8.55.