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Ford's incoming CFO could shake up company's bureaucracy: analysts

Claudia Assis

Ford Motor Co. new chief financial officer Tim Stone, who will succeed retiring CFO Bob Shanks on June 1, will "certainly need to learn the business," but there are positives from his background, analysts at RBC said in a note Thursday. Before Stone's brief stint as CFO of Snap Inc. , he worked in finance at Amazon.com Inc. for 20 years. A "fair criticism of Ford over the years has been that the organization is bureaucratic and home-bred," the analysts said. Chief Executive Jim Hackett has made it a point to try and change the culture "and Stone clearly comes from organizations that have historically moved faster," they said. Moreover, "his experience at Amazon could lend some insight into both Ford's core business ... as well as Ford's auto 2.0 initiatives," the analysts said. Ford announced Shanks' retirement and Stone's appointment earlier Thursday. Shares of Ford rose 1.5% in midday trading. The stock has lost 22% in the past 12 months, which contrasts with gains around 5% for the S&P 500 index in the same period.