Ford replaces European chief executive amid widening losses

U.S. carmaker Ford has replaced its European boss amid widening regional losses.

Ford announced in a statement Friday that Jim Farley, 52, will take over as head of its European operations, based in Cologne, Germany, replacing Stephen Odell. Odell, 59, will take over Farley's most recent role as Ford's global marketing executive.

Ford hasn't turned a profit in Europe since 2010, when Odell took over and the region plunged into a recession that provoked the biggest car market contraction ever. The carmaker is forecasting a $1.2 billion loss in Europe for 2014, following widening third-quarter losses.