Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Ford appoints new China chief to tackle sales slump

Published 24/10/2018, 04:12
Updated 24/10/2018, 04:12
© Reuters. FILE PHOTO: Chery Automobile Co Ltd CEO Chen Anning attends an interview with Reuters in Shanghai

BEIJING/SHANGHAI (Reuters) - Ford Motor Co (N:F) has appointed a new head of China operations to help turn around flagging sales in the world's largest auto market, filling a post that had been vacant since January after the firm's previous China chief suddenly quit.

Anning Chen, a former chairman of Chery Jaguar Land Rover in China and who also worked for Ford previously, will become the U.S. automaker's new CEO from Nov. 1.

The move comes at a pivotal time for Ford which has seen China sales slide sharply this year. Sales in September tumbled 43 percent.

"Success in China is critical as we reposition our global business for long-term success," Ford CEO Jim Hackett said in a statement.

Ford China will also become a stand-alone business unit, reporting directly to global headquarters. Chen will report to Jim Farley, president of global markets.

"As the largest vehicle market in the world, China commands its own leadership and focus," said Farley, adding the reorganisation would increase the speed of decision-making and help the firm be closer to customers.

Chen's predecessor Jason Luo resigned abruptly in January this year after leading the U.S. automaker's China operations for roughly five months.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.