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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 succeeded 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 vehicle 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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