Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Ford poaches Key Safety CEO to head its China operations

Published 24/08/2017, 04:42
© Reuters. FILE PHOTO - Key Safety Systems Chief Executive Officer Jason Luo poses during an interview with Reuters in Tokyo, Japan
F
-
600699
-
000980
-

By Brenda Goh

SHANGHAI (Reuters) - Ford Motor Co (N:F) said the new head of its China operations will be Jason Luo, the CEO of auto parts maker Key Safety Systems with wide experience in M&A - an appointment that comes as Ford embarks on range of initiatives in the world's biggest car market.

The U.S. automaker announced last week it is looking at setting up a venture with Anhui Zotye Automobile Co (SZ:000980) to build electric passenger vehicles in China under a new brand, a response to Beijing's plans to set ambitious quotas for electric and plug-in hybrid cars.

Its Lincoln luxury unit also recently said it would start producing luxury SUVs in the country by 2019, while Ford is also moving some production of its Focus small car to China.

Luo has spent the last decade at the helm of the Michigan-based supplier, overseeing its $920 million sale to China's Ningbo Joyson Electronic Corp (SS:600699) and most recently the $1.6 billion purchase of the healthier assets of bankrupt Japanese airbag maker Takata Corp.

Born in China and fluent in Mandarin, he achieved significant revenue growth in China for Key Safety Systems, Ford said in a statement.

Luo has a bachelor of science degree in Mechanical Engineering from Beijing Institute of Technology, China and master degrees from U.S. universities.

The appointment will be effective Sept. 1.

© Reuters. FILE PHOTO - Key Safety Systems Chief Executive Officer Jason Luo poses during an interview with Reuters in Tokyo, Japan

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.