Jim Padilla, president & COO of Ford Motor Co., will retire effective July 1, with his responsibilities being assumed by chairman & CEO Bill Ford.
According to WardsAuto.com, Padilla’s retirement had been rumored for months, with his role in the company seemingly reduced as the result of a major restructuring effort.
As part of the restructuring, Bill Ford will head an Executive Operating Committee, which will in essence run the company.
Other members of the EOC are Mark Fields, exec. vp & president-The Americas; Mark , Schulz, exec. vp & president, International Operations; Anne Stevens, exec. vp & COO-the Americas; exec. vp-Ford of Europe and the Premier Automotive Group; and CFO Don Leclair.
As part of Padilla’s transition to retirement, Fields and Schulz, who reported to Padilla, now report directly to Bill Ford.
The retirement of Padilla, who turns 60 this year, caps a 40-year career at Ford.