Ford Motor Co said on Thursday that it had appointed Sam Wu, who currently serves as managing director and COO of Ford China, as President and CEO of the business.
The appointment will take effect on March 1st.
Wu will take over from Anning Chen, who will part ways with the company on October 1st, Ford said.
Ford’s sales in China began to shrink in late 2017, in part because of the lack of a popular SUV for the market.
The US company sold 378,000 vehicles in China in the first three quarters of 2022, compared with 624,000 in the same period of 2021 and 602,627 units in the same period of 2020. Last year, pandemic-related lockdowns in the country severely affected both demand and production.
“Anning has helped our business in China advance its capabilities in digital technology, lower costs, and improve relationships with our partners and others,” Ford’s President and CEO Jim Farley, said in a press release.
“Importantly, he and his team have also protected our customers, people and dealers as COVID has disrupted society and commerce for the past three years.”
The shares of Ford Motor Company (F) closed 1.15% ($0.14) lower at $12.07 in New York on Thursday, with the auto maker’s total market cap now standing at $48.11 billion.
The shares of Ford Motor Co went down 44.01% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
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