Ford Motor announced on Friday that it has appointed Sherry House, the former CFO of Lucid Motors, as its new chief financial officer. House will join Ford as finance vice president in June and will transition into the CFO role by early 2025. This move comes as Ford’s current CFO, John Lawler, is being promoted to vice chair to oversee the company’s ongoing turnaround plan.
Lawler, who has been CFO since October 2020, played a crucial role in developing Ford’s Ford+ turnaround plan, which aimed to make the company more efficient and profitable while expanding its operations and investing in electric vehicles. Ford has been facing challenges such as inflated warranty costs and operational inefficiencies, which have resulted in a significant annual disadvantage compared to its traditional rivals.
As Ford focuses more on electric vehicles, its U.S. sales saw a 10.5% increase in February 2024 compared to the previous year, driven by higher sales of hybrid and electric vehicles. However, Ford’s EV business is not yet profitable, and the company expects it to incur losses of $5 billion to $5.5 billion this year.
Sherry House brings valuable leadership experience to Ford, having served as CFO at Lucid Motors for nearly three years. During her tenure, Lucid Motors went public, started production and delivery of its luxury EVs, and opened manufacturing plants in the U.S. and Saudi Arabia. House has also held positions at Waymo and General Motors.
Ford President and CEO Jim Farley expressed confidence in House’s abilities, stating that she would contribute to building a profitable EV business, generating new revenue streams, and creating a more dynamic and resilient company.
In 2022, Ford reorganized its operations by separating its EV and legacy auto units to streamline its growing EV business and maximize profitability. This strategic move aligns with Ford’s approach to the future of the automotive industry, with Lawler emphasizing that EVs are an integral part of the company’s future.
Overall, the appointment of Sherry House as Ford’s new CFO reflects the company’s commitment to strengthening its position in the electric vehicle market and driving its ongoing turnaround plan. With her extensive experience in the EV industry and financial leadership, House is expected to play a crucial role in Ford’s transformation into a more profitable and dynamic company.
