Tim Stone, who is currently Snap Inc.’s Chief Financial Officer (CFO) and previously worked at Amazon.com as an executive will now take the spot of Bob Shanks who is currently the CFO at Ford Motor Co.
The team is warm-heartedly welcoming Tim as is reflected by Hackett’s statement “We’re so excited to have Tim join Ford at this incredible time for our company as we strive to become the world’s most trusted company, designing smart vehicles for a smart world. He was a key player in the incredible success at Amazon and he understands the principles of fitness and growth as complementary virtues for Ford’s future.”
After the announcement of General Motors about making Amazon their partners, this announcement took place via GM’s Onstar service. Tim Stone can make the way easier for Ford to strengthen their ties with several other firms in the near future. As mentioned by Garret Nelson who’s a CFRA analyst “We think this is a very unusual choice and can only speculate on the rationale for the hiring decision. Perhaps CEO Jim Hackett is more comfortable surrounding himself with executives who similarly lack automotive industry experience or maybe it’s a sign that Ford is going to shake up its traditional business model even more. One thing we do know is that shareholders are growing increasingly impatient with the stock’s performance as Hackett’s two-year anniversary at the helm approaches.”
More and more investments are taking place into the auto industries by the technology firms, hence Ford is paving its way in accordance with the growing demand of the industry.
Dave Whiston, who is a Morningstar analyst further shed light on this subject: “Given the continued integration of tech and the auto industry, hiring someone with tech and finance expertise like Stone has looks like a good move for Ford. GM is partnering with Amazon via GM’s OnStar service and perhaps Stone can help Ford have more ties to Amazon and other tech firms over time.”