DETROIT (AP) — Ford is shaking up its management after a poor fourth-quarter financial performance and the botched launch of the Explorer SUV.
The company says that automotive President Joe Hinrichs will retire. Jim Farley, president of new business and strategy, will become chief operating officer in charge of global markets and automotive operations.
In addition, product development chief Hau Thai-Tang will take on an expanded role for products, services and customer experiences.
Ford's full-year profit plunged by more than $3.6 billion last year, and it lost $1.7 billion in the fourth quarter. Quarterly revenue fell 5% to $39.7 billion.