Ford Sollers, Ford Motor Co’s Russian firm, is supposed to close two assembly factories and one engine plant in Russia. The firm has decided to exit the country’s passenger vehicle market. This move by the firm is supposed to result in charges of approximately $450–500 Million. The latest move is said to be a part of a reformation that will make out Russia’s Sollers assume control of the project, which is presently headed by the U.S. automaker, the firms said in a statement this week.
According to industry sources, Ford was considering shutting down its Russian factories as it was reviewing operations in the losing areas The No. 2 U.S. carmaker proclaimed that the closures might lead to “major” job losses, along with the closure of assembly factories in St. Petersburg and Naberezhnye Chelny. This closure also includes an engine factory in Elabuga.
On a similar note, Ford Motor came into the news as it announced Tim Stone, an expert from Amazon.com, as a chief financial officer. This is said to be the automaker’s foremost external hire for the position in about seven decades. Stone will replace Bob Shanks, who is supposed to retire at the end of this year. He has served the firm for almost 42 Years. For about two decades, Stone held numerous financial responsibilities at Amazon. Most recently, he worked as CFO of Snap Inc., owner of Snapchat messaging app.
Stone took the decision to leave Snap in a less than a year period as he took the job, becoming the 2nd finance chief to quit the firm in a year since the much-disparaged redesign of the app. Ford disclosed that Stone will take over as CFO on June 1, 2019. The firm proclaimed that, in the transition period, Shanks will work closely with Stone. And after that, he will work on individual projects through the end of the year.