F Stock: Why It Increased Today

By Amit Chowdhry ● September 13, 2021
  • The stock price of Ford Motor Company (NYSE: F) increased by over 2% today. This is why it happened.

The stock price of Ford Motor Company (NYSE: F) increased by over 2% today. Investors appear to be responding positively to an announcement that the company hired Mike Amend as the new chief digital and information officer — who will help focus the company’s use of data, software, and tech to drive growth and create value for customers and other stakeholders. These objectives are central to the Ford+ strategy.

Amend was previously the president of Online at Lowe’s for the past 3 years. And he starts with Ford today and reports to President and CEO Jim Farley.

Amend is going to lead Ford’s Technology and Software Platform — which consists of the Enterprise Information Technology, Global Data Insight and Analytics, and Ford Business Solutions functions. And Amend’s organization will work closely with the team under Hau Thai-Tang, the company’s chief product platform and operations officer, and Doug Field — who joined Ford last week as chief advanced technology and embedded systems officer.

At Lowe’s, Amend’s team transformed the home-improvement retailer’s online business, achieving record results and earning broad industry recognition. And under his leadership, the company’s online sales nearly tripled. Amend also previously had similar roles at JCPenney and The Home Depot. Plus he was CTO for Dell Technologies’ global online business. And before that, he was a technology executive BEA Systems and Sprint.

KEY QUOTES:

“Mike adds dimension to our team as we use technology and software to transform our company and transportation from the inside-out. Ford has always been an innovator in vehicles; now we’re taking our digital capabilities to new levels to further differentiate ourselves with customers and from competitors.”

— CEO Jim Farley

“I’m excited to join Ford at such a pivotal time in the company and the industry,” said Amend.  “We’re completely reimagining digital experiences for our customers, colleagues, dealers and partners, and will use technology and real-time data to bring that vision to life.”

— Mike Amend

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.