Ford also announced that Joe Hinrichs is retiring as Ford’s president, Automotive, after a highly accomplished 19-year career with the company.
The changes come as Ford is moving with urgency to fully integrate and accelerate its transformation into a higher-growth, higher-margin business by leveraging smart, connected vehicles and services. Since 2017, Ford has made important progress in transforming the company in the face of sweeping technological change and disruption in the auto industry while working to improve the fitness of its base business – restructuring operations, invigorating the product portfolio and reducing bureaucracy.
“Jim Farley is the right person to take on this important new role,” Hackett said. “Jim’s passion for great vehicles and his intense drive for results are well known. He also has developed into a transformational leader with the imagination and foresight to help lead Ford into the future.”
Farley, 57, joined Ford in 2007 as global head of Marketing and Sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets in successive roles. Since April, Farley has led Ford’s New Businesses, Technology & Strategy team, helping the company determine how to capitalize on the powerful forces reshaping the industry – such as software platforms, connectivity, AI, automation and new forms of propulsion.
Farley now will lead Ford’s drive to strengthen its Automotive operations and deliver a sustainable global EBIT margin of at least 8 percent. He will oversee all of Ford’s global markets and automotive operations, including Product Development; Purchasing; Enterprise Product Line Management; Manufacturing & Labor Affairs; Marketing, Sales & Service; and Quality & New Model Launch.
He also will retain leadership of Ford Smart Mobility, Ford’s AV LLC and Ford’s partnership with Argo AI.
“I’m thrilled and humbled by the opportunity to work with Jim Hackett and the entire Ford team to advance our vision to design increasingly intelligent vehicles and connect them to the world around us, all to make life better for our customers and communities,” Farley said. “Ford is blessed with great people and an incredible brand, and together we will build a very bright future.”
In addition, Ford announced that Hau Thai-Tang, chief product development and purchasing officer, will take on an expanded role, reporting to Jim Farley. Thai-Tang, 53, will continue to lead Product Development and Purchasing, while adding responsibility for Enterprise Product Line Management and connectivity.
“Hau will be the primary architect as we bring together the vehicle architecture and software stack to create products, services and experiences our customers will love,” Hackett said. “We are moving forward with an integrated approach to vehicles and connected services, all anchored in an obsession for the customer, great design and a commitment to strong returns.”
Hackett lauded Hinrichs’ contributions to Ford.
“I thank Joe for his tremendous leadership over the past two decades,” Hackett said. “Joe was instrumental to Ford’s ability to survive the Great Recession a decade ago without bankruptcy or taxpayer bailout, and successfully headed Ford’s operations in Asia Pacific and North America.
“Most recently, Joe oversaw our global portfolio of iconic vehicles, helped forge a long-term, mutually beneficial relationship with the UAW and was regularly sought out as an authority and promoter of smart global trade.”
All the changes announced will be effective March 1.
Chung will be the first Korean inducted into the Automotive Hall of Fame, which was established in 1939 and has honoured nearly 800 business leaders from around the world. The 2020 Induction and Awards Ceremony will be held in Detroit at the MGM Grand Ballroom on July 23.
“Induction into the Automotive Hall of Fame is reserved for individuals who have created, shaped, and changed the mobility market. These individuals have exceeded in a way that stands out from their peers – they are responsible for a step change in innovation, business operations, and impact on consumers and the public,” Hall of Fame President Sarah Cook said.
The Hall of Fame Induction is recognised as the most prestigious and honourable award in the industry. Past inductees have included: Ford Motor Company Founder Henry Ford, American inventor Thomas Edison, Founder of Mercedes-Benz Karl Benz, Founder of Honda Motor Company Soichiro Honda, and Toyota Motor Corporation Founder Kiichiro Toyoda.
Previously, the Automotive Hall of Fame honoured Chung with its Distinguished Service Citation Award in 2001.
According to the Automotive Hall of Fame, Chairman Chung has been credited with the success of Hyundai Motor Group. Chung’s legacy is on par with other legends of the industry who have launched and guided automotive firms to global growth and renown. Through Chung’s leadership, Hyundai Motor became Korea's largest automaker and Hyundai Motor Group became the world’s fifth-largest automotive group.
Chung is noted for many remarkable accomplishments, including acquiring Kia Motors Corporation for Hyundai Motor Group, spearheading the group’s growth with new plants in key regions, including United States, Europe, China, India, Brazil and Russia and creating a highly efficient vertically integrated business structure that produces everything from steel to vehicles.
As one of the top business leaders in Korea, Chung has been a steadfast champion for development of the nation’s automobile industry and economy. Amid collapse of Korean automotive industry during 1990s Asian financial crisis, Chung successfully revived Kia Motors and fostered it as a global automotive brand.
Under Chung’s leadership, Hyundai Motor Group rapidly expanded to compete head to head with the world’s leading automakers. As a result, Chung’s efforts affected lasting change in the global automotive landscape and the Korean economy.
In pursuit of global competitiveness, Chung placed great emphasis on quality management. He established a standard plant construction system that can be rapidly implemented anywhere to help assure consistent high-quality production evident in the many quality awards earned by Hyundai and Kia vehicles around the world. Chung has also established one of world’s largest research and development centers to advance the company’s competitiveness.
Chung also helped grow material industry by constructing integrated steel mill operations, creating highly efficient vertically integrated business structure which produce everything from steel to vehicles. The integrated steel mill allowed for synergy maximisation within the group and environmentally sustainable manufacturing by establishing the world’s first resource-circulation business structure.
Mr. Stevens' appointment follows the company's January 27, 2020 announcement of its commitment to adding at least one new independent director over the course of 2020. The company intends to continue this refreshment process throughout the year. With this appointment, the Tenneco Board consists of 11 directors, nine of whom are independent and three of whom have been added since the beginning of 2019.
As the former Chief Financial Officer of General Motors, Mr. Stevens brings significant auto industry experience and expertise across finance and accounting operations, international financial matters and mergers and acquisitions.
"As Tenneco continues its ongoing commitment to add fresh perspectives to the Board, we are extremely pleased to welcome Chuck as an independent director," said Gregg M. Sherrill, Chairman of the Board of Directors. "Chuck brings more than 40 years of experience working at one of the world's largest auto companies in a variety of roles of increasing responsibility, including CFO. We expect that his skills and expertise will be invaluable as we review strategic alternatives to maximise shareholder value while pursuing our separation plan. We look forward to benefitting from his contributions as we work to achieve our operational and financial objectives."
"I am excited to join Tenneco during this important time in its history," said Mr. Stevens. "Tenneco has two world-class businesses that are well-positioned to capitalize on industry trends, and I believe the company is taking the right steps to achieve its objectives. I look forward to working with my fellow Board members as we continue to oversee management's execution of Tenneco's strategy and evaluate the best path forward for the Company to maximize value for all shareholders."
Chuck Stevens retired as Executive Vice President and Senior Advisor of General Motors Corporation in March 2019, after a 40-year career at the company. From 1994 to 2005, he held several leadership positions in General Motors' Asia Pacific Region. He returned to North America in 2006 and assumed the role of CFO for General Motors Canada, GM Mexico in 2008 and CFO of GM North America in 2010. In 2014, Mr. Stevens was named Executive Vice President and CFO of General Motors Corporation, where he was responsible for leading the company's financial and accounting operations worldwide. He served in this position with GM until September 2018.
Mr. Stevens has also served as a Director on the boards of Masco Corporation since February 2018 and Flex Ltd. since November 2018. He received his Bachelor of Industrial Administration from General Motors Institute (now Kettering University) and an MBA from the University of Michigan, Flint.
Harman’s Board of Directors has unanimously elected Michael Mauser to succeed Paliwal, as President and Chief Executive Officer. Mauser will join the company’s board of directors, effective April 1. To ensure a smooth and seamless transition, Paliwal has agreed to remain with Harman as Senior Advisor to the board of directors and to the CEO until December 2020.
Speaking on behalf of Harman's Board of Directors, Chairman of the Board Young Sohn said: "Dinesh is a visionary leader. He has provided outstanding leadership over the past 13 years and delivered strong and consistent financial performance while driving innovation. Dinesh also served as a selfless mentor for associates across the organisation, championing diversity and adhering to the highest standards of corporate ethics.”
Young Sohn continued. “Michael is a proven leader with strong operational skills, business vision and the ability to bring people together and the board is confident that he is the right person to usher in this next chapter of growth for Harman. He brings the depth of experience and innovative thinking that has powered his previous achievements.”
Under Paliwal’s leadership, during the last decade from 2009 to 2019, Harman outperformed the market on several fronts. Revenue grew from $2.9 billion to $8.8 billion (up 300%) while Automotive order backlog grew from $8 billion to $29 billion (up 360%).
“Leading Harman has truly been the honour of my lifetime, and I am incredibly proud of all we have accomplished over the past 13 years,” said Paliwal. “Harman is in a very strong position for continued growth with its brightest days still ahead.”
Paliwal continued: "Michael Mauser is exactly the right person to build on our success. He is a terrific executive with a long and proven track record of growing businesses. Michael has been a critical partner in running the company, and I'm confident he will take Harman to new and greater heights in the years to come."
Commenting on his appointment, Mauser said, "I'm incredibly humbled and privileged to be appointed the next President and CEO of Harman, and I want to thank the Board of Directors for the confidence they have placed in me. I also want to thank Dinesh for his overwhelming support. He has transformed the company with his bold vision and outstanding leadership, and I feel fortunate to have him as a mentor and a friend. In addition, I want to thank all my colleagues, as well as the customers, suppliers and partners who are part of the Harman family. I look forward to working more closely with all of you in the months and years ahead, and to continue growing this special company long into the future."
Mauser has held a number of executive and general management roles in his 22 years at Harman. His experience cuts across both the automotive and audio businesses. Mauser began his career at Harman within the finance organisation, ultimately heading the Automotive finance function. He went on to become Co-President of the Connected Car division and then President of HARMAN’s Lifestyle Audio division prior to being appointed as COO in June of 2019.
Philipp Schiemer (55), who is currently Head of Mercedes-Benz do Brasil Ltda., will step into his new role as Mr. Bastert's successor, while Karl Deppen (53) will be in charge of the Brazilian division of Daimler Trucks & Buses.
"I would like to sincerely thank Ulrich Bastert for his more than three successful decades of service in a wide variety of key functions at Daimler Trucks & Buses," said Martin Daum, Chairman of the Board of Management at Daimler Truck AG. "Ulrich Bastert possesses incomparable sales knowledge, is one of our strongest leaders and, without a doubt, has thoroughly earned his retirement. His entrepreneurial mindset and consistent dedication to customers are exemplary."
"His successor as the Head of Sales and Marketing at Daimler Buses, Philipp Schiemer, is a highly competent and experienced commercial vehicle manager. During his work in Brazil, which spans more than 15 years, Philipp Schiemer propelled Mercedes-Benz back to the top of the market and realigned our business in this core market. We are delighted that Philipp will now be a member of general management at Daimler Buses," said Till Oberwörder, Head of Daimler Buses.
"Karl Deppen is a leader with very broad positioning and a wealth of experience in the commercial vehicle sector, including international experience. With Mr. Deppen at the helm, we know that our Brazilian division is in the best hands," said Stefan Buchner, who is on the Board of Management at Daimler Truck AG and is currently in charge of the Mercedes-Benz brand and the Brazilian division.
"The process of filling these positions has shown that Daimler Trucks & Buses has an executive team that is broadly and flexibly positioned," said Martin Daum.
Ulrich Bastert joined the company in 1985 and worked in a variety of managerial functions in the commercial vehicle division – e. g. as President of DaimlerChrysler AG in the Czech Republic at the time and Head of Sales & Marketing for Commercial Vehicles in France. From 2007 to 2015, Bastert was Head of Marketing, Sales and Services at Mercedes-Benz Trucks, and was in charge of marketing control for trucks and all communication and marketing issues for the Mercedes-Benz Trucks brand. Since 2015, he has been in charge of the sales department of the Daimler Buses division.
Philipp Schiemer started his Daimler career in 1984 and worked in various managerial positions in Sales and Product Management in Brazil and Germany until 1997 – e.g. as Head of A-Class Product and Head of Marketing & Sales for the smart brand. In 2004, he returned to Brazil and, as a member of the management team, became the Head of Sales at Mercedes-Benz do Brazil Ltda. In 2009, he became Head of Marketing for Mercedes-Benz Cars in Stuttgart. Following this phase, he stepped into his current position and has been in charge of the Brazilian division (CEO of Mercedes-Benz do Brazil Ltda.) since 2013.
Karl Deppen joined the company in 1990 and worked in various managerial positions in Sales and Logistics until 2007, most of which had a focus on commercial vehicles. His career milestones took him to the USA, Turkey and Japan for several years each. In 2007, he took over the role of strategic project management for Mercedes-Benz Trucks Atego and Atego BlueTec Hybrid. From 2011 to 2014, Karl Deppen was in charge of global management development at Daimler, and then he moved to Peking and became the CFO of Daimler Greater China Ltd. Following this phase, he stepped into his current position and has been in charge of cost controlling at Mercedes-Benz AG since 2017.
He will report directly to Ola Källenius, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. The appointment is effective March 2, 2020. Warburton joins from Alliance Bernstein, the US asset management and research firm.
“Max has a wealth of automotive expertise. As well as his strategic and financial perspectives he brings an unusually deep understanding of the operational, regulatory and technological complexities that we are facing,” said Ola Källenius. “I have known Max for many years and I am delighted that he has agreed to join Daimler. I have tasked him with finding ways to sharpen our focus, speed up our decision making, accelerate our electrification strategy and raise our competitiveness.”
Harald Wilhelm, member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Mobility: “I’m excited to have Max on the team. He will play an important role as we intensify our efforts to reduce costs, improve cash generation, optimize capital allocation and raise our financial performance.”
Max Warburton, a 45 year old British citizen, was previously Head of Automotive Research at Bernstein. He joined Bernstein in London in 2008. Before Bernstein, Max was Head of Global Automotive Research at UBS (2005-2008) and prior to that covered European Autos at Goldman Sachs (2000-2005). Max has been the most consistently highly rated automotive analyst in Europe.