CEO of Ford’s extremely worthwhile Professional enterprise to retire

DETROIT — The top of Ford Motor‘s extremely worthwhile “Professional” business and fleet enterprise will retire on the finish of this month, the corporate stated Thursday.

The automaker stated Ford Professional CEO Ted Cannis, who has spent 35 years with the corporate, can be succeeded on an interim foundation by Andrew Frick, president of Ford’s conventional “Blue” operations, till the corporate declares a brand new chief.

“Ted’s vitality and keenness for purchasers has been instrumental in constructing Ford Professional right into a enterprise that is monitoring in direction of $70 billion in income this 12 months – a Fortune 100-size firm in its personal proper,” Ford CEO Jim Farley stated in a press release.

Ford Professional has been a revenue driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in income since 2021, aiding in offsetting losses of its electrical car enterprise.

Such outcomes led Wall Road to reward the enterprise, as analysts have known as it a “hidden gem” and Ford’s “Ferrari,” referring to the extremely worthwhile Italian sports activities automobile producer.

Cannis additionally led the Ford Buyer Service Division, which handles world elements, providers, equipment, and car customization for Ford sellers and prospects worldwide.

Daniel Justo, who at present is chief monetary officer of Ford Blue, will start overseeing the operations upon Cannis’ retirement.

“It has been probably the most thrilling and rewarding chapter of my profession to steer Ford Professional and FCSD,” Cannis stated in a launch. “Ford Professional is a profitably rising enterprise with unmatched scale, expertise, and one of the best sellers and upfitters – all to serve the folks and companies who hold our economic system and communities buzzing. I am unable to wait to observe Ford Professional and FCSD proceed to innovate and develop.”