Ford continues shift in focus towards tech by hiring former finance boss at Snap

Ford has appointed the former CFO of social media giant Snap as its new finance boss, as part of a leadership overhaul.

The second-biggest car manufacturer in the US said its chief financial officer Bob Shanks will retire at the end of 2019 to be replaced by Tim Stone, a 20-year veteran of Amazon and former finance chief at Snap.

Traditional car manufacturers around the world are shifting their focus to the booming tech sector as electric and autonomous vehicles grow as a commercial force, and the hire of tech heavyweight Stone appears to reflect this.

Ford has already embarked on a two-year project with Chinese tech firm Baidu to test self-driving cars, announced in October.

Stone will join Ford on 15 April as an officer, before taking on the CFO role at the start of June. During his time at Amazon, the firm scaled from $150m (£114m) in revenue with fewer than 1,000 employees to $20bn in revenue with 575,000 employees.

Ford president Jim Hackett said Stone 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.”

“Stone comes from the tech space, but brings an appreciation for Ford and the auto industry to the job,” he added.

Meanwhile outgoing Shanks will leave “a remarkable 42-year legacy at Ford,” Hackett continued. “Bob’s leadership was integral to Ford’s comeback during the great recession, and he has been an invaluable partner as we transform Ford to succeed in the next era.”

Shanks, 66, will work closely with Stone on the CFO transition and then work on special projects until the end of the year.

Ford also announced Stuart Rowley, currently chief operating officer for Ford north America, will become president of the firm's European division.

Yesterday the car maker announced it is investing about $900m in Michigan and creating 900 jobs between now and 2023 as part of its electric vehicle push. It said it will produce a fully electric vehicle at the second north American plant as part of its $11bn investment plan announced last year.