Michael Seneski will replace K.R. Kent as chief financial officer of Ford Motor Credit, effective Jan. 1, 2011. Kent has been named to a newly created position: executive director of investor relations.
The move, part of a plan to regain an investment-grade credit rating, is meant to “significantly deepen engagement with the global investment community” for Ford Motor Co. and Ford Motor Credit.
Seneski is currently controller of global and U.S. marketing sales. He joined Ford in 1989, and has held numerous key finance positions in North America and Asia-Pacific, including vice president and controller of Ford Credit North America, and assistant treasurer of Ford Motor Co.
Seneski will report to Ford Credit Chairman and CEO Mike Bannister, and Kent will report to Ford Vice President and Treasurer Neil Schloss.
It’s a little like the Bankruptcy stats before and after BACPA. There were over 2M consumer filings in 2005 and about 600K in 2006 after the new law went into effect. When 2007 was 822K, the headlines were that BK cases were up 35% over prior year (as opposed to down 60% vs 2005). Even with the terrible economy in 2009, there were fewer consumer BK cases filed than 2001-2005. But the headline was that filings were up 35% over 2008 and 130% vs 2006.