Ford Motor Co. is making key changes to its senior management team in order to strengthen its automotive business, improve the company’s operational fitness, and accelerate a strategic shift to capitalize on emerging opportunities, the company announced today.
Since October 2016, Joy Falotico has been group vice president and chairman and chief executive of Ford Motor Credit Co. Falotico has been named group vice president of Lincoln Motor Co. and chief marketing officer, succeeding Kumar Galhotra who recently was appointed group vice president and president of Ford North America. Both of their appointments will be effective on March 1.
Ford announced Galhotra after Raj Nair left the OEM following a recent internal investigation that found certain behavior by Nair was “inconsistent with the company’s code of conduct,” the company previously said.
Succeeding Falotico is David McClelland, who has been named vice president of Ford Motor Co. and chief executive of Ford Credit. A 25-year veteran of Ford Credit, McClelland, has served in a variety of leadership positions, including most recently as executive vice president of marketing and Asia Pacific.
“McClelland has been instrumental in Ford Credit’s growth in China, as well as Ford Credit’s move into new fintech and mobility initiatives, such the Canvas vehicle subscription service and online financing,” Ford said in a press release. His appointment is also effective March 1, and he will report to Bob Shanks, executive vice president and chief financial officer.
Ford did not respond to a request for comment by press time.
Ford Credit’s net receivables were $143 billion, up 10% year-over-year, according to the OEM’s fourth-quarter earnings. Additionally, the average Fico score increased nine points year over year to 750, while 60-plus day delinquencies decreased by three basis points year over year to 0.13% of the portfolio. Charge-offs remained relatively stable at 0.60% of the portfolio — up one basis point from the year prior.
