Ford Motor on Friday named the previous chief monetary officer of electric-vehicle startup Lucid to exchange its present CFO, who’s being promoted to carefully oversee the corporate’s ongoing turnaround plan, the corporate stated in a press launch. 

The ex-Lucid govt, Sherry Home, will be part of Ford first as finance vp in early June. In that place, she’ll be working to transition into the CFO position by early 2025, based on the discharge.

Within the meantime, present CFO John Lawler will proceed in his place whereas increasing his position to turn into vice chair.

Lawler has been CFO since October 2020. Throughout this time, he helped construct the corporate’s Ford+ turnaround plan to make Ford extra environment friendly and worthwhile as the corporate labored to increase present operations and make investments billions in electrical autos.

Ford has confronted years of inflated guarantee prices, together with $1.9 billion in 2023. The corporate final yr stated it has a $7 billion to $8 billion annual drawback in contrast with conventional rivals attributable to manufacturing prices, high quality points and different operational inefficiencies.

The transfer comes as Ford ramps up its give attention to electrical autos. The automaker’s U.S. gross sales jumped 10.5% in February 2024 in contrast with gross sales in February 2023, because of will increase in its all-hybrid and all-electric car gross sales. The outcomes included an 81% leap in all-electric autos. 

“Make no mistake, EVs are coming, EVs are a part of the longer term,” Lawler informed CNBC again in February.

Nonetheless, the unit isn’t but worthwhile. As a part of its 2024 steering, first launched in February, Ford stated it anticipated its EV enterprise to lose between $5 billion and $5.5 billion this yr.  

Home served as CFO at Lucid Motors for almost three years till final December. Over that point, the corporate went public, began producing and delivering its luxurious EVs, and opened manufacturing vegetation within the U.S. and Saudi Arabia. She’s additionally held roles at Alphabet-backed autonomous-driving expertise firm Waymo and Normal Motors.

“Sherry provides an essential management dimension to Ford as we urgently construct a worthwhile EV enterprise, generate new and recurring income streams, and create a extra dynamic and resilient firm,” Ford President and CEO Jim Farley stated within the launch. 

Ford reorganized its operations in 2022, splitting EVs and legacy autos into two separate items to streamline the rising EV enterprise and maximize income.