Ford’s chief financial officer is leaving the company less than two years after joining from technology group Snap as the US carmaker announced a series of management changes on new boss Jim Farley’s first day in charge.

Tim Stone, who joined in April 2019, will move to AI software group ASAPP as its finance and operations chief, Ford announced.

He will be replaced by John Lawler, a 30-year veteran of Ford, who most recently ran the group’s autonomous vehicle unit.

Mr Farley, who replaced Jim Hackett as Ford chief executive on Thursday, also unveiled a clutch of changes and set out plans for the company he has been tasked with turning round.

Shares dropped 40 per cent under the tenure of Mr Hackett, the former office furniture executive who was a surprise appointment as Ford’s boss three years ago.

While Mr Hackett struck a deal with VW to share some key technologies and launched an $11bn global turnround plan, the group has been slow in the transition to electric cars while its profitability has been sapped by the pandemic and global trade war.

Mr Farley said the company had “made meaningful progress and opened the door to becoming a vibrant, profitably growing company”, under his predecessor’s tenure. “Now it’s time to charge through that door.”

He reiterated Ford’s plan to make an 8 per cent earnings margin, a long-term ambition for the company that has been hobbled by Covid-19.

Ford is expected to post a loss this year due to a softer global car market, but also in part because the company will spend the final months of the year retooling its plants for the new version of its bestselling F-150 pick-up truck.

The company on Thursday said that it planned to devote more capital to its strongest franchises, which

By Francesco Canepa and Balazs Koranyi

FRANKFURT, Sept 30 (Reuters)European Central Bank President Christine Lagarde set the scene on Wednesday for changing the ECB’s strategy to align it with that of the Federal Reserve, possibly including a commitment to let inflation overshoot after it has been low for too long.

Inflation in the euro zone has missed the ECB’s target, currently set “below but close to 2%” for years despite increasingly aggressive stimulus from the central bank, which has pushed its main interest rate below zero and bought more than 3 trillion euros ($3.51 trillion) worth of assets.

In her first update on the ECB’s ongoing review of its strategy, Lagarde also opened the door to giving the central bank less time to achieve its elusive goal.

The ECB is widely expected to follow in the footsteps of the Fed, which said last month it would aim for 2% on average, so that periods when prices grow too slowly need to be compensated by times of faster increases, and vice versa.

“If credible, such a strategy can strengthen the capacity of monetary policy to stabilise the economy when faced with the lower bound,” Lagarde told an event.

Unlike the Fed, which has a dual role of achieving maximum employment and stable prices, the ECB’s sole goal is price stability over an unspecified “medium-term”.

But Lagarde called this mandate “hierarchical”, arguing that a flexible definition of medium term allowed it to avoid tightening policy and “unnecessarily constricting jobs and growth” in case of a temporary shock.

On the other hand, she added that the ECB’s persistent failure to meet the inflation target could feed into inflation expectations and would therefore “call for a shorter policy horizon”.

Both arguments would imply that the ECB needed to continue or even

(Bloomberg) — Credit Suisse Group AG is laying off about 20 people in the Middle East as it restructures wealth management activities in the region, according to people familiar with the matter.

a living room: Credit Suisse Group AG Ahead Of First Virus-Era Results

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Credit Suisse Group AG Ahead Of First Virus-Era Results

The job cuts — focused on Dubai — follow the decision to incorporate the business that deals with non-resident Indian and Africa clients under Middle East head Bruno Daher, the people said, asking not to be identified because the plans are private. Raj Sehgal, former head of that unit, is now the chairman of NRI and Africa.


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“We are committed to the non-resident Indian segment, and in order to further accelerate growth, we are bringing the operations in the broader Middle East and Africa region under one single leadership,” a bank spokeswoman said in an emailed statement. She declined to comment on the job cuts.

Chief Executive Officer Thomas Gottstein announced his first major revamp of the Swiss lender at the end of July, simplifying the bank’s structure. Credit Suisse is merging its advisory and its trading business into a single division led by global markets head Brian Chin, while plans to cut as many as 500 jobs in Switzerland were also disclosed last month.

Credit Suisse Reviews Risk Structures to Boost Bank Oversight

Philipp Wehle’s international wealth management unit has been marked out as a growth area with the aim to boost revenue from the ultra-wealthy while also bringing investment banking for mid-sized clients in the EMEA region under his control. He’s also laid out his own divisional revamp, reducing the number of regional reports to undo a structure created by predecessor Iqbal Khan.

Credit Suisse discovered fraud at its Middle-East and Africa private banking business earlier this year, Bloomberg reported last month. The