A German business magazine has reported that Stephen Odell will be replaced as president of Ford of Europe and will be appointed to a new position in the company. According to the Bilanz magazine, Ford chief executive Mark Fields will personally present Odell’s replacement to staff at its regional headquarters in Cologne, Germany.
The carmaker named Odell as chief executive of Ford of Europe in 2008 and promoted him as president in 2012. He joined Ford of Britain in 1980 as a graduate trainee. He also served as CEO of Volvo when the carmaker was still owned by Ford. He likewise headed Mazda's European operations and was North America sales and marketing chief for Jaguar.
A Ford of Europe spokesman told Automotive News Europe that the company would not comment on "speculation." Ford is forecasting $1.2 billion in losses in Europe this year as it revamp its operations in the region and takes a huge hit from crisis-stricken Russia.
During the Ford’s conference call to discuss its third-quarter results, Chief Financial Officer Bob Shanks remarked that the carmaker is "disappointed" that it will fail to achieve its previous target to post a profit in Europe in 2015 after its third-quarter pretax loss in the region surged widened to $439 million from $182 million a year ago.