CEO of Ford’s highly profitable Pro business to retire
DETROIT — The head of Ford Motor‘s highly profitable “Pro” commercial and fleet business will retire at the end of this month, the company said Thursday.
The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be replaced on an interim basis by Andrew Frick, president of Ford’s traditional “Blue” operations, until the company announces a new leader.
“Ted’s energy and passion for customers has been instrumental in building Ford Pro into a business that’s tracking towards $70 billion in revenue this year – a Fortune 100-size company in its own right,” Ford CEO Jim Farley said in a statement.
Ford Pro has been a profit-driver for the automaker. It has raked in about $18.7 billion in adjusted earnings and $184.5 billion in revenue since 2021, assisting in offsetting losses of its electric vehicles business.
Such results led Wall Street to praise the business, as analysts have called it a “hidden gem” and Ford’s “Ferrari,” referring to the highly profitable Italian sports car manufacturer.
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Cannis also led Ford Customer Service Division, which handles global parts, services, accessories and vehicle customization for Ford dealers and customers worldwide.
Daniel Justo, who currently serves as chief financial office of Ford Blue, will begin overseeing the operations upon Cannis’ retirement.
“It’s been the most thrilling and rewarding chapter of my career to lead Ford Pro and FCSD,” Cannis said in a release. “Ford Pro is a profitably growing business with unmatched scale, talent, and the best dealers and upfitters – all to serve the people and businesses who keep our economy and communities humming. I can’t wait to watch Ford Pro and FCSD continue to innovate and grow.”
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