Jim Farley didn’t waste any time.
The new CEO of Ford, who just began his job Thursday, addressed in excess of 20,000 worldwide representatives on Day 1 during a virtual town hall to outline his needs.
Farley stated, in the wake of being named replacement to Jim Hackett toward the beginning of August, that he was working nonstop to meet with however many individuals as could reasonably be expected at each level inside and outside the organization, to burrow profound and realize what individuals think needs to change.
Indeed, he didn’t simply start the day by supplanting CFO Tim Stone with John Lawler; he likewise gave an invitation to battle to workers during this unsure monetary period as the organization explores COVID-19 and a quickly evolving industry.
The following are key subjects, in Farley’s words, which were recorded by Ford and acquired by the Free Press:
1.”You have all heard the saying: ‘Ford is at its best with our backs against the wall.’ It’s true. You all have stepped up many times in crisis. But I want to put my foot down here and say we can’t settle for that. The best teams and best companies in the world don’t think that way. The world today is too competitive. We must be our best every day. Let’s start today.”
2. “We must and will turn around our automotive operations and compete like a challenger. We have to improve product quality and make it a reason to choose Ford. We will benchmark against the best. Drive decisions through vehicle and customer data. We are going to reduce costs and address underperforming businesses. Customers will not pay for waste. Bottom line: Our goal is to improve revenue, margin, free cash flow and our brand image every year.”
3. “Complexity is a killer. We need to reduce or eliminate complexity and reduce bureaucracy by an order of magnitude — fewer platforms, fewer meetings, easier processes. We’ll make Ford an effortless company to do business with. That’s what customers expect.”
4. “We sell 1 million F-Series a year and 400,000 Rangers, 200,000 Mustangs — that’s scale that others just don’t have. I want you to picture our F-Series customers out on the north slope of Alaska. They’re working at 70 below. Whose truck do you think they’re going to trust when they need it most? Electric is the smart thing to do. It’s where so much of the value creation is in our sector today. And it’s the right thing to do. It’s time to be bolder.”
5. “These past two months, I’ve met with many Ford employees around the world — designers, engineers, dealers, the people who punch in to build our cars and trucks every day. You told me what needs to change at our company. Your responses were formative in making the plan and operating model we shared today. I saw your determination. Now I’m asking you to drive the change you asked for.”
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