Ford (F) Announces Retirement of FMCC CEO Silverstone

August 30, 2016 9:09 AM EDT

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Ford Motor Company today announced that Bernard Silverstone, Ford group vice president and chairman and chief executive officer of Ford Motor Credit Company, has elected to retire effective Oct. 1, after 37 years of service.

Silverstone, 60, will be succeeded by Joy Falotico, who is being named Ford group vice president and Ford Credit chairman and chief executive officer.

“Bernard’s global expertise and strong leadership have been key to Ford Credit’s continued profitability and growth, as well as new financial solutions for mobility,” said Mark Fields, Ford president and CEO. “Throughout his career, Bernard has worked tirelessly to ensure Ford Credit continues to be an important part of our success. We are grateful for his dedication and many contributions around the world.”

Since becoming Ford Credit chairman and CEO in January 2013, Silverstone also has guided the company in continually improving dealer and customer services, and maintaining low credit losses while providing consistent levels of automotive financing.

“It has been a privilege to spend my career with this outstanding team and to have had the opportunity to lead Ford Credit’s contributions to Ford’s success,” Silverstone said. “Joy is an experienced and trusted leader with a sharp focus on driving strong business fundamentals. She is in a great position to lead Ford Credit’s success.”

Falotico, 49, has served at Ford Credit for 27 years and will continue the company’s strategies to improve and expand its business in support of the One Ford plan for profitable growth.

Prior to this appointment, Falotico was chief operating officer, leading Ford Credit’s global operations, as well as marketing, sales and brand, business center operations and insurance operations.

Falotico joined Ford Credit in 1989 and has held a wide range of senior positions, including executive vice president, Ford Credit Marketing, Sales, Americas and Strategic Planning; vice president of North American operations; vice president of U.S. Sales Operations; vice president of Global Marketing; and had pan-European responsibility for customer and dealer service operations and risk management for Ford Credit Europe.

  • For biographical information and photos of Bernard Silverstone, click here.
  • For biographical information and photos of Joy Falotico, click here.

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