Ford appoints former Lucid Motors executive as new CFO, elevates current chief to vice president.

• Sherry House, who was previously at EV maker Lucid Motors, will join Ford in early June and assume the CFO role in early 2025.
• John Lawler will continue as CFO and assume the role of vice chair.
• The move comes as Ford amps up its focus on electric vehicles.

On Friday, the electric vehicle startup named the former CFO of the company to replace its current CFO, who is being promoted to more closely oversee the company's ongoing turnaround plan.

Sherry House, the ex-Lucid executive, will join Ford as finance vice president in early June and will transition into the CFO role in early 2025, the company announced in a press release.

John Lawler, the current CFO, will continue in his position while also taking on the role of vice chair. Since October 2020, Lawler has been instrumental in building the company's Ford+ turnaround plan, which aims to make Ford more efficient and profitable as the company expands its operations and invests heavily in electric vehicles.

In 2023, Ford faced $1.9 billion in inflated warranty costs. Last year, the company admitted to having a $7 billion to $8 billion annual disadvantage compared to traditional rivals due to production costs, quality issues, and operational inefficiencies.

Ford's U.S. sales increased by 10.5% in February 2024 compared to February 2023, driven by the growth in its all-hybrid and all-electric vehicles sales. The all-electric vehicles sales saw an impressive 81% increase.

EVs are the future, Lawler had stated in February on CNBC.

Ford's EV business is projected to lose between $5 billion and $5.5 billion this year, according to its 2024 guidance released in February.

For nearly three years, House served as CFO at Lucid Motors, during which the company went public, began producing and delivering its luxury EVs, and opened manufacturing plants in the U.S. and Saudi Arabia. She has also held roles at Waymo, an autonomous-driving technology company backed by Alphabet, and at Tesla, a leading electric vehicle manufacturer.

Ford President and CEO Jim Farley stated in a press release that Sherry brings a crucial leadership aspect to the company as they urgently work to establish a profitable electric vehicle business, generate new and recurring revenue streams, and create a more adaptable and robust organization.

In 2022, Ford streamlined its EV business and maximized profits by splitting its operations into two separate units for EVs and legacy autos.