Amazon veteran Tim Stone named as Ford CFO

Ford Motor on Thursday named Amazon.com veteran Tim Stone as chief financial officer (CFO), the automaker’s first external hire for the role in more than 70 years.

Stone, 52, replaces Bob Shanks, who is going to retire at the end of 2019 after working in the company for 42 years.

Stone held different financial roles at Amazon for two decades. He was also a CFO of Snapchat messaging app owner, Snap Inc.

He decided to quit Snap less than one year after becoming a CFO.

Stone will take over as CFO on June 1, Ford Motor stated.

The automaker said Shanks, 66, will work closely with Stone on the transition and then on special projects through the end of this year.

Last time, the automaker hired an outsider to the role of CFO was in 1949 when Theodore Yntema, who was a consulting economist to Ford before hired for the position.

Stone will report to CEO Jim Hackett.