Ford Credit to Regroup Next March

Ford Motor (NYSE: F) said today that Marion Harris will retire on 1 March 2024 as president and CEO of Ford Credit. Replacing him will be Cathy O’Callaghan, Ford’s vice president, controller, and chief accounting officer since June 2018. Mark Kosman will become chief accounting officer. The new jobs for O’Callaghan and Kosman are effective 12 February, after Ford has reported its Q4 and full-year 2023 financial results. O’Callaghan and Kosman will report to CFO John Lawler. (AutoInformed: Follow The Leader – Ford Reinstates Earnings Guidance)

“Under Marion, Ford Credit was a source of strength through the global pandemic and now is remaking itself to support customers, dealers and Ford in an entirely new era of transportation and software-enabled services,” Lawler said. “Cathy is exceptionally well prepared to help complete that transition and grow the business, with her comprehensive global knowledge about Ford and an attention to customers that’s vital to winning over the long haul.”

Harris became the head of Ford Credit in November 2019, having previously served as the unit’s CFO and treasurer. Among other roles in his 25 years with Ford, Harris led the  capital transactions that funded Ford Credit through the Great Recession. Harris also managed the Mobility Business Group, which scaled the FordPass vehicle-control application and the business that would become Ford Pro Telematics.

O’Callaghan brings global financial experience to her new role. As Ford’s controller and chief accounting officer, she led a project to align Ford’s financial reporting with the three distinct, customer-centered business segments, which starting this year represent how the company is organized and operates: Ford Blue, for gas and hybrid vehicles; Ford Model e vehicles, together with digital platforms and software for all of Ford’s product lines; and Ford Pro, for products and services that help commercial customers. Ford’s electric business – Model e – is forecast to lose ~$4.5 billion during 2023. (AutoInformed: Apple Software Veteran Peter Stern Joins Ford Motor; Ford Motor 2023 Q3 Net income $1.2 Billion)

Previously, O’Callaghan was CFO of Ford South America and also held leadership positions in Ford of Europe: finance director for Product Development, controller of European Manufacturing Operations and Logistics, finance director of Ford of Britain, and finance director of Ford Switzerland. She joined Ford in 1990.

According to Lawler, Kosman, who has been with Ford since 1989, is ideal to serve as CAO. He had a major hand in the recent financial-reporting strategic redesign and is presently leading development of Ford’s new enterprise resource planning, or ERP, to streamline accounting, procurement and supply chain operations, project management, risk management, and compliance.