Ford CFO could retire this year, report says

Ian Thibodeau
The Detroit News
Ford Motor Co. Chief Financial Officer Bob Shanks speaks with reporters in this Dec. 2, 2016 file photo. Shanks is planning his retirement, according to a report from CNBC.

Ford Motor Co.'s chief financial officer is planning his retirement, according to a report from CNBC.

CNBC reported Thursday that Bob Shanks, Ford's CFO since 2012, would retire this year, citing anonymous sources. The company declined to comment Thursday on a timeline for Shanks' retirement. The 66-year-old has been with the company since 1997 and has been the CFO since 2012. 

"As all boards of responsible companies do, our board of directors regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions to take place should the need arise," a Ford spokesman said in a statement.

If Shanks retires in 2019, he'd do so as the Dearborn automaker is in the middle of plans to cut $25.5 billion in costs largely through changes to product development, purchasing and manufacturing. Ford also plans to spend $11 billion to restructure its global business, part of which will involve white-collar layoffs.

Ford announced in January plans to revive its European business through cuts to the workforce and a redesigned vehicle portfolio. The automaker is expected to outline plans for the salaried workforce in North America and other regions by the end of the second quarter of 2019.

Twitter: @Ian_Thibodeau