Ford Chair: CEO Farley has «full court press» to fix problems
FILE PHOTO: Ford Motor Co. CEO Jim Farley walks to speak at a news conference at the Rouge Complex in Dearborn, Michigan, U.S. September 17, 2020. REUTERS/Rebecca Cook/File Photo
DETROIT (Reuters) — Ford Motor (NYSE:F) Co Chair Bill Ford said Monday the automaker’s Chief Executive, Jim Farley, has a «full court press» on to fix operational problems that caused fourth quarter results to fall short of the company’s targets.
«We probably had so much focus on the future that perhaps we took our eye off the ball a little bit on the present,» Ford said, speaking with reporters on the sidelines of an event to announce plans to build a battery factory in Michigan.
«Jim’s got a full court press on it, and we’re already starting to see results,» Ford said. Farley is a «fantastic CEO,» he said. «This is the best leadership team in my memory.»
Ford’s fourth quarter results fell short of the company’s targets and investor expectations. Farley last week said the company had left $2 billion in profit on the table «that were within our control.»
Bill Ford and Farley did not discuss details of new cost-cutting or restructuring actions at Monday’s event.
«We’ve got plenty of resources to get done what we need to get done,» Ford said. «And now we have to execute.»