Ford Pro CEO Ted Cannis speaks during an interview on Thursday, July 28, 2022, in New York.
Victor J. Blue | Bloomberg | Getty Images
Detroit — Director Ford Motor CompanyThe company said on Thursday that its highly profitable “Pro” commercial and fleet businesses will exit at the end of this month.
The automaker said Ford Pro CEO Ted Cannis, a 35-year veteran of the company, will be succeeded on an interim basis by Andrew Frick, president of Ford’s legacy “blue” operations until the company Announcing new leaders.
“Ted’s energy and passion for customers have been instrumental in building Ford Pro into a company that will reach $70 billion in revenue this year,” Ford CEO Jim Farley said in a statement. A Fortune 100 size company.
The Ford Pro has been a profit driver for the automaker. The company has earned about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, helping offset losses in its electric vehicle business.
Such results have Wall Street praising the business, with analysts calling it a “hidden gem” and Ford’s “ferrari”, referring to the lucrative Italian sports car maker.
Cannis also leads Ford Customer Service, which handles global parts, service, accessories and vehicle customization for Ford dealers and customers worldwide.
Daniel Justo, currently Ford Blue’s chief financial officer, will oversee the company’s operations upon Cannis’ retirement.
“Leading Ford Pro and FCSD has been the most exciting and rewarding chapter of my career,” Cannis said in the release. “Ford Pro is a profitable and growing business with unparalleled scale, talent and best-in-class… Good dealers and tuners – all in service of the people and businesses that keep our economy and communities thriving. I can’t wait to see Ford Pro and FCSD continue to innovate and grow.
