UPDATE: Ford Replaces Odell as Head of European Unit

Ford Motor Co. has named Jim Farley, formerly executive vice president of global marketing, sales and service, as the new president of the company's operations in Europe, Africa and the Middle East.

Farley, 52, is switching jobs with Stephen Odell, who has held the European post since 2012. Odell previously was chairman and CEO of Ford of Europe. Earlier assignment included CEO of Volvo Cars and head of marketing for Mazda Motor Corp.

Farley joined Ford from Toyota Motor Corp., where he was general manager of Lexus luxury unit. Ford says one of his primary tasks in Europe will be to "accelerate Ford's transformation."

Ford had expected to return its European unit to profitability in 2015. But last month it conceded that won't happen. The company's pretax loss in Europe more than doubled to $439 million (€355 million) in this year's third quarter. Ford expects its full-year pretax loss in Europe this year to total about $1.2 billion compared with $1.6 billion in 2013.

Farley

Odell