Report: Ford’s CFO Will Retire at Year-End

Bob Shanks, 66, who has been Ford Motor Co.’s chief financial officer since 2012, will retire by the end of this year, sources tell television business news channel CNBC.

Shank’s retirement comes as Ford grapples with a global restructuring that aims to make the company leaner, more agile and positioned to move into the uncertain world of ride-hailing services and electrified and self-driving vehicles.

Ford isn’t likely to announce a successor until at least this summer, according to the sources. Prior to being named CFO seven years ago, Shanks was the company’s controller.

Shanks joined Ford in 1977. He has held several financial positions with Ford in the Asia-Pacific region, including chief financial officer for Mazda Motor Co. He later served as head of finance and strategy for Ford of Europe and the carmaker’s Premier Automotive Group.