Ford Motor Co.’s new president and CEO Jim Farley hit the ground running today, announcing a laundry list of goals and organizational shifts.
Joy Falotico, 53, who has had the arduous dual role for nearly three years as president of The Lincoln Motor Co. and CMO of Ford, will now focus solely on Lincoln. Farley says he plans to name a new CMO shortly.
Falotico will report to Kumar Galhotra, president, The Americas and International Markets.
“This change will allow Joy to focus on accelerating Lincoln’s global growth through great vehicles and services and a truly differentiated customer experience,” Galhotra said in a release. “Lincoln’s completely refreshed lineup is resonating with customers in the U.S. as well as in China, where we are now producing the Lincoln Aviator and Corsair locally, for Chinese customers – and that’s just the beginning.”
Lincoln is Ford’s only luxury brand. The automaker previously had and then sold off Volvo, Jaguar, Land Rover and Aston Martin, and killed the Mercury brand.
Falotico’s position at Lincoln has required frequent travel to important new markets like China. Shedding the CMO title will free her up to focus on Lincoln, which experienced tremendous growth in 2019 and is faring well this year despite the pandemic.
The division’s sales were up 8.3% in 2019, while sales at most other luxury brands were level with 2018 or declined. Lincoln’s estimated retail share of the premium SUV segment expanded 1.5 percentage points to more than 7% of share of segment in the second quarter of 2020. Expansion came from Lincoln’s newest SUV products: Aviator and Corsair.
Falotico became president of The Lincoln Motor Co. in March 2018 and was named MediaPost’s Automotive Marketer of the Year for 2019. She has helped transform Ford Motor Co.’s Lincoln luxury division into a brand worthy of going head-to-head with the likes of BMW, Mercedes-Benz, Jaguar Land Rover and others.
Farley becomes the 11th CEO today in company’s 117-year history, succeeding Jim Hackett. He plans to allocate capital to Ford’s strongest franchises and high-growth opportunities. His objectives include high quality and customer satisfaction and he aims to add more affordable vehicles to its global lineup, including in North America.
“We are going to compete like a challenger -- allocate capital to higher growth and return opportunities to create value -- and earn customers for life through great products and a rewarding ownership experience,” Farley says in a release.