Ted Kanis, CEO of Ford Professional, speaks throughout an interview in New York, Thursday, July 28, 2022.
Victor J. Blue | Bloomberg | Getty Photographs
DETROIT – The top of Ford MotorThe extremely worthwhile “Professional” business and fleet enterprise shall be spun off on the finish of this month, the corporate stated on Thursday.
The the automaker said Ford Professional CEO Ted Kanis, who has spent 35 years with the corporate, shall be succeeded by Andrew Frick, president of Ford’s conventional blue-chip operations, on an interim foundation whereas the corporate declares a brand new chief.
“Ted’s vitality and keenness for purchasers has helped construct Ford Professional right into a enterprise on monitor for $70 billion in income this 12 months — a Fortune 100 firm in its personal proper,” Ford CEO Jim Farley stated in an announcement.
The Ford Professional is a a profit driver for the automaker. It has collected about $18.7 billion in adjusted earnings and $184.5 billion in income by way of 2021, serving to to offset losses from its electrical car enterprise.
Such outcomes prompted Wall Road to reward the enterprise, as analysts known as it a “hidden gem” and Ford’s “Ferrari,” referring to the extremely worthwhile Italian sports activities automotive producer.
Kanis additionally leads Ford’s Buyer Service division, which handles international elements, service, equipment and car customization for Ford sellers and clients around the globe.
Daniel Justo, at the moment Ford Blue’s chief monetary officer, will start overseeing operations following Kanis’ retirement.
“It has been probably the most thrilling and rewarding chapter of my profession to guide Ford Professional and FCSD,” stated Kanis in edition. “Ford Professional is a worthwhile progress enterprise with unmatched scale, expertise and the most effective sellers and equipment, all to serve the folks and companies that help our financial system and communities. I look ahead to watching Ford Professional and FCSD proceed to innovate and develop.”
