Normally, a CEO departing a business might be cause for concern, but that was not the case for Ford (F). The CEO of its Pro business, Ted Cannis, is departing due to one of the simplest reasons of all: retirement. And while his temporary replacement has already been lined up, investors were not exactly sad to see him go. Shares were up just over 1.5% in Thursday afternoon’s trading.
Cannis was the head of Ford’s “Pro” business, which focuses mainly on fleet operations and commercial endeavors. Ford Pro pulled in nearly $70 billion in revenue by itself this year alone and, since 2021, has accounted for $184.5 billion in sales. Thus, it was also a very profitable operation for Ford, which will likely leave Ford scrambling to find someone else who can bottle lightning in the same way Cannis did.
Cannis will be temporarily succeeded by Andrew Frick, who currently serves as the head of Ford’s “Blue” operations. The Blue team is more of a traditional, retail-facing operation, so Frick will not be too far removed from what Cannis was already doing. But Frick’s tenure will be limited, reports noted, as he will only be there on an interim basis until a new CEO can be found.
New Pickup Features the Detroit Lions
Ford’s connection to Detroit, meanwhile, has been inviolable for a long time now. And that connection was once again demonstrated recently with the release of a limited-edition version of the F-150 Hybrid featuring the NFL’s Detroit Lions.
Only 800 of these vehicles will ever be made, noted a CBS report, which makes them collectors’ items right out of the gate. And the mood in Detroit is certainly matching this energy; growing numbers of fans are looking for the Lions to make the Super Bowl this year. That may be a bit of a long shot, but hope has always sprung eternal in Detroit when it comes to the Lions. Backed up by a highly unique hybrid truck like this, though, might just be what’s needed to push them over the top.
Is Ford a Buy, Hold, or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on Ford stock based on five Buys, nine Holds, and one Sell assigned in the past three months, as indicated by the graphic below. After a 10.47% loss in its share price over the past year, the average F price target of $13.67 per share implies 28.78% upside potential.
