Ted Cannis, Ford Pro CEO, speaks during an interview in New York, Thursday, July 28, 2022.
Victor J. Blue | Bloomberg | Getty Images
DETROIT — The head of Ford EngineThe company's highly profitable “Pro” commercial and fleet business will be retired at the end of this month, the company announced Thursday.
The automaker said Ford Pro CEO Ted Cannis, who has spent 35 years with the company, will be replaced on an interim basis by Andrew Frick, president of Ford's traditional “Blue” operations, until the company announces a new leader.
“Ted's energy and passion for customers have been instrumental in building Ford Pro into a business that will reach $70 billion in revenue this year, a Fortune 100-sized company in its own right,” Ford CEO Jim Farley said in a statement.
Ford Pro has been a profit driver for the automaker. It has raked in about $18.7 billion in adjusted profit and $184.5 billion in revenue since 2021, helping to offset losses from its electric vehicle business.
These results led Wall Street to praise the business, as analysts have called it a “hidden gem” and the “Ferrari”, referring to the profitable Italian sports car manufacturer.
Cannis also led Ford's Customer Service Division, which handles global parts, service, accessories and vehicle customization for Ford dealers and customers around the world.
Daniel Justo, currently Ford Blue's chief financial officer, will begin overseeing operations following Cannis' retirement.
“Leading Ford Pro and FCSD has been the most exciting and rewarding chapter of my career,” Cannis said in a statement. “Ford Pro is a profitable, growing company with unmatched scale, talent, and best-in-class dealers and equipment providers, all serving the people and businesses that keep our economy and communities running. I look forward to watching Ford Pro and FCSD continue to innovate and grow.”
