BEIJING (AP) — Ford Motor Co. has revamped its Asian operations and made its China business a stand-alone unit, recruiting the head of local automaker Chery Automobile to be its new CEO.
The company said Wednesday that industry veteran Chen Anning will replace Jason Luo, who quit earlier this year, just months after taking over at Ford in China.
The company has been reorganizing after losing momentum as the Chinese market slows. It said the restructuring was aimed at accelerating its return to profitable growth.
Ford President and CEO Jim Hackett said success in China was critical to the company's long-term success. He said that by having a separate China business, the company can move more quickly and strengthen local leadership within the company.
U.S.-educated Chen began his career at Ford.
