Ted Cannis to Retire After 35-Year Ford Career; Andrew Frick Named Interim Ford Pro Leader; Daniel Justo Appointed Head of FCSD

Rhea-AI Summary

Ford Motor Company announced key leadership changes as Ted Cannis, CEO of Ford Pro and Ford Customer Service Division (FCSD), retires after a 35-year career. Andrew Frick, president of Ford Blue, will lead Ford Pro interim. Daniel Justo is appointed vice president of FCSD.

Under Cannis's leadership, Ford Pro has grown into a high-margin business tracking towards $70 billion in revenue this year. The division boasts 600,000 paid subscriptions in Q2 2023. FCSD, which handles global parts, services, and accessories, aims to tap into a $100 billion-plus profit pool for maintenance and repair services.

Justo, previously CFO of Ford Blue, will focus on enhancing customer service experience and building trust to support Ford's value creation plan. These changes align with Ford's strategy to strengthen its commercial vehicle and aftermarket services businesses.

Positive

• Ford Pro tracking towards $70 billion in revenue this year
• Ford Pro reached 600,000 paid subscriptions in Q2 2023
• FCSD targeting a $100 billion-plus profit pool in maintenance and repair services

Negative

• Departure of experienced leader Ted Cannis after building Ford Pro

• Ted Cannis, who has led Ford Pro since it was founded in 2021 and helped build it into an industry-leading and customer-focused product, software and services business, has elected to retire after a distinguished 35-year career

• Andrew Frick, president of Ford Blue, also will lead Ford Pro on an interim basis until the company announces a new leader

• Daniel Justo is appointed vice president, Ford Customer Service Division

DEARBORN, Mich.--(BUSINESS WIRE)-- Ford Motor Company today announced that Ted Cannis, CEO, Ford Pro and Ford Customer Service Division, has elected to retire at the end of this month after an accomplished 35-year career with the company.

Cannis has led Ford Pro since its formation in 2021 and helped build it into a high-growth, high-margin business with deep competitive moats, as well as a vital productivity accelerator for millions of commercial customers. Since 2023, Cannis also has led Ford Customer Service Division or FCSD, which handles global parts, services, accessories and vehicle customization for Ford dealers and customers worldwide.

“Ted’s energy and passion for customers has been instrumental in building Ford Pro into a business that’s tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,” said Jim Farley, Ford president and CEO. “Ford Pro has the widest and most flexible commercial vehicle lineup, an industry-leading service network including our dealerships and upfitter partnerships, and a sharp focus on lowering the total cost of ownership and increasing uptime for customers. Ford Pro is now poised to become a true, technology-driven growth business – evidenced by the 600,000 paid subscriptions in the second quarter – and a greater competitive advantage for Ford and our customers.”

Farley added that FCSD is another Ford stronghold with a prime opportunity to transform for growth by going after an estimated $100 billion-plus profit pool for maintenance, repair, parts, and other services that currently escapes the dealer network.

Ford said Andrew Frick, president of Ford Blue, also will lead Ford Pro on interim basis until the company announces a new leader. Daniel Justo is appointed vice president, FCSD, and a company officer, effective Oct. 1. Justo is currently chief financial officer, Ford Blue, and was previously president, Ford South America. In his new role leading FCSD globally, he will report to Frick.

“Our customers – from commercial fleets to individual drivers – rely on us for the parts and services that keep their vehicles running smoothly and looking great,” Justo said. “That’s why we're committed to delivering a service experience that’s as reliable, dependable and modern as the vehicles themselves. I’m excited to work with our FCSD team and our dealers to make it easier than ever for our customers to schedule their service, find the right parts and accessories, get them quickly, and enjoy the peace of mind that comes with knowing they're getting the best possible service. Building this trust and loyalty is central to our Ford+ value creation plan.”

Cannis began his career in 1989 in finance and went on to serve in leadership positions in Venezuela, Argentina, Turkey and Russia. From 2017 to 2020, he served as global director, Battery Electric Vehicles, leading Team Edison, the team that developed the award-winning Mustang Mach-E and was involved in the development of the F-150 Lightning and E-Transit.

“It’s been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,” Cannis said. “Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming. I can’t wait to watch Ford Pro and FCSD continue to innovate and grow.”

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services. The company does that through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles along with embedded software that defines exceptional digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, Ford provides financial services through Ford Motor Credit Company. Ford employs about 175,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.

For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.

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Media

Ian Thibodeau

1.313.268.6056

ithibode@ford.com



Equity Investment Community

Lynn Antipas Tyson

1.914.485.1150

ltyson4@ford.com

Fixed Income Investment Community

Christopher Conti

1.313.418.1673

cconti5@ford.com

Shareholder Inquiries

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Source: Ford Motor Company

FAQ

Who is replacing Ted Cannis as CEO of Ford Pro (F)?

Andrew Frick, president of Ford Blue, will lead Ford Pro on an interim basis until a new leader is announced.

What is the projected revenue for Ford Pro in 2023?

Ford Pro is tracking towards $70 billion in revenue for the year 2023.

How many paid subscriptions did Ford Pro (F) have in Q2 2023?

Ford Pro reported 600,000 paid subscriptions in the second quarter of 2023.

Who has been appointed as the new vice president of Ford Customer Service Division (FCSD)?

Daniel Justo, previously CFO of Ford Blue, has been appointed as the new vice president of Ford Customer Service Division (FCSD).