Ford is announcing a massive reorganization that will separate their electric vehicle and internal combustion engine units. The two will run as separate businesses to fast-track Ford’s electrification strategy.
News of this massive shift comes as per three sources from Reuters.
Ford will name executives to lead each unit as per the three sources. However, both units will remain under the Ford corporate umbrella.
This move comes as a bit of a surprise as CEO Jim Farley said the company had no plans to spin-off either the EV or ICE business last week.
However, this is not an official spin-off. But the separation of the units would allow the company to spin off their EV or ICE business later down the road.
The next question is who is going to lead the new EV unit. Early candidates for the job include several Ford executives including:
- Chief Advanced Technology Officer Doug Field
- President of the Americas and International Markets Kumar Galhotra
- Chief Product Platform and Operations Officer Hau Thai-Tang and;
- Chief Operating Officer of North America Lisa Drake
As per the reporting, the official announcement will come tomorrow.
Ford did not provide a comment on the leak, nor did they confirm or deny the information obtained by Reuters.