Ford Taps New CEO for Credit Arm

Ford Motor Co. has appointed Bernard Silverstone, a 33-year veteran of Ford Motor Credit Co., to become the finance unit's chairman and CEO on Jan. 1. He also will become a Ford group vice president.

Silverstone will succeed Mike Bannister, a Ford executive vice president who has led Ford Credit since 2004. Bannister, 62, will retire at year-end after 39 years with the carmaker's lending arm. During his tenure, the unit contributed more than $15 billion to Ford making Ford Credit for many year the automaker's main profit center.

Silverstone is currently Ford Credit COO, a newly created job he assumed at the start of 2012. He previously served as president of the finance unit's global marketing while also heading its international operations. Before that, Silverstone was chairman of Ford Credit Europe.

His new job will include expanding Ford Credit's presence in China to provide loans to dealers and car buyers as the automaker seeks to expand sales and introduce the Lincoln luxury brand in the second half of 2014 with a new distribution network.