Ford CFO Shanks plans to retire, report says

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Ford Motor Co. Chief Financial Officer Bob Shanks plans to retire and is expected to stay through the end of the year, CNBC reported on Thursday, citing sources.

Shanks turned 66 years old last month.

A new finance chief is likely to be announced in the second half of this year, CNBC said

Shanks was named the automaker’s chief financial officer in April 2012. Ford did not immediately respond to a request from Reuters for comment, but CNBC attributed this statement to Ford:

“As all boards of responsible companies do, our board regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions should the need arise.”

Shanks, who joined Ford in 1977, has also been the CFO at Mazda Motor Corp.

Ford  is restructuring operations globally, including cutting thousands of jobs and looking at plant closures in Europe as part of its plan to return to profit in the region.

Automotive News contributed to this report.

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