Ford Motor Co. (NYSE: F) shares hit the brakes on Thursday after the auto giant announced that there would be some changes at the executive level. Overall, Ford is looking to strengthen its focus on the Ford brand as it furthers its transformation.
The firm announced that Musa Tariq, vice president and chief brand officer, has elected to leave the company. Tariq joined Ford in 2017 and helped shape the values that underpin the Ford brand.
For the immediate future, the Ford brand work will continue under the leadership of Ford Chief Marketing Officer Joy Falotico.
Jim Hackett, Ford president and CEO, commented:
Musa is a proven leader of brand transformation, having led similar work at some of the world’s most admired brands before coming to Ford, and he is a leader known for creativity and social media expertise. Over the last year, he has been helping to drive the same transformation at Ford. We are grateful for his service and will carry on the work he has started.
Excluding Thursday’s move, Ford has underperformed the broad markets, with its stock down 10% in the past 52 weeks. In 2018 alone, the stock is down 4%.
Shares of Ford were last seen down 1% at $10.99 on Thursday, with a consensus analyst price target of $12.39 and a 52-week range of $10.14 to $13.48.