The fallout from the coronavirus outbreak continues to reverberate through the business world, but not everyone is hunkering down yet. Many C-suite executives have started new jobs.
Here are some of the biggest changes we’ve seen:
Ford names new COO, heir apparent
After more than a decade with Ford Motor Company, Jim Farley has moved to the front seat. Farley assumed the role of COO for the company on March 1.
Farley is also the presumed heir apparent for CEO, and he is slated to receive $2.5 million in company stock if he isn’t tapped for the job. He reports to current president and CEO Jim Hackett.
Farley has long been considered a rising star for the company, and the car business runs deep in his veins. He was recruited from Toyota in 2007 and most recently served as President of New Businesses, Technology and Strategy. He reportedly saved Ford $6 million in one day by changing a company T-shirt purchase, and he once rebuilt engines at a summer job when he was 14.
The move comes when Ford could use some rebuilding of its own. The company is in the midst of restructuring in the face of struggling sales. It recently announced it is working to produce ventilators to aid the COVID-19 recovery effort, and it has suspended its dividend to save cash.
Lockheed Martin CEO to resign
When Marillyn Hewson took over as CEO of Lockheed Martin in 2013, the defense contractor was coming off the Great Recession. Today, Lockheed is facing another one, and soon a different executive will steer the company.
On March 16th, the company announced that Hewson will resign as CEO, effective June 15th, and James Taiclet will assume the role.
Hewson has presided over a period of prosperity for Lockheed and was named the Most Powerful Woman in Business for two years running by Fortune magazine. Having been with Lockheed since 1983, she is expected to remain as executive chairman, pending a shareholder vote.
Taiclet is a former Air Force pilot and Gulf War veteran. He joined Lockheed’s board in 2018 and will retain his seat as CEO. He currently serves as President and CEO of American Tower Corporation, a REIT.
Groupon cleans house
Coronavirus couldn’t come at a worse time for Groupon. The online discounter has been down in the dumps for some time. Its earnings report in February revealed a 23% revenue drop year over year, and the stock has been in a skid since, now trading at less than $1 a share as of March 26th.
The company has responded with a major shakeup. Out are CEO Rich Williams and COO Steve Krenzer, and in is new interim CEO Aaron Cooper in a move announced March 25th. Cooper, most recently Groupon’s President of North America, will be part of a search for a permanent replacement.
The company is expected to shift away from merchandise and hone in on its travel and local offerings.
More executives on the move…
- John Abbot is now CFO, Datto, Inc.
- Stephane Bello is now Vice Chairman, Thomson Reuters Corporation.
- Harshan Bhangdia is now EVP and CFO, Ellucian Company L.P.
- Maurizio Carli is now Strategic Advisor, Go-To-Market, VMware, Inc.
- Jeffrey Cote is now CEO, Sensata Technologies, Inc., Sensata Technologies Holding plc.
- David Cush is now CEO, Service King.
- William Flynn is now President and CEO (effective April 15, 2020), Amtrak.
- Robert Funck is now EVP, Finance and CFO, Abbott Laboratories.
- Sarah Glickman is now SVP, Corporate Finance and Transformation, XPO Logistics, Inc.
- David Goeckeler is now CEO, Western Digital Corporation.
- Carolina Happe is now SVP and CFO, GE Company (General Electric Co.).
- Catherine Harris is now Head, Digital Payments, Mastercard Incorporated.
- Joseph Hartsig is now EVP and Chief Merchandising Officer, Bed Bath & Beyond Inc.
- Stephen Hasker is now President and CEO, Thomson Reuters Corporation.
- William Hornbuckle is now President and Acting CEO, MGM Resorts International.
- Beth Johnson is now Chief Experience Officer, Citizens Financial Group, Inc.
- Michael Kappitt is now Chief Operating and Insights Officer, Subway Restaurants.
- Martin King is now CEO, PMI America, Philip Morris International Inc.
- Joseph Klimavicz is now Managing Director, KPMG LLP.
- Matthew Meloy is now CEO and General Partner, Targa Resources Corporation.
- Erik Nordstrom is now CEO, Nordstrom Inc.
- Peter Nordstrom is now President and Chief Brand Officer, Nordstrom Inc.
- Joe Perkins is now Executive Chairman, Targa Resources Corporation.
- Geir Rostadmo-Strømme is now Managing Director, Norway, Dell Technologies Inc.
- Kimberly Ross is now CFO (effective March 16, 2020), WeWork Companies Inc., We Company.
- Brandon Sweeney is now Chief Revenue Officer, HashiCorp, Inc.
- David Wyshner is now CFO, XPO Logistics, Inc.