Ford CFO Shanks will retire, sources says

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Bob Shanks, chief financial officer of Ford Motor Co.

Ford CFO Bob Shanks plans to retire in 2019, sources familiar with the matter told CNBC on Thursday.

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FCFO Bob Shanks beginning process of planning retirement according to sources. Shanks is expected to stay through the end of the year with a transition to a new CFO likely in second half of this year.

Shanks is expected to stay through the end of the year, according to sources familiar with the matter. His replacement will likely begin transitioning into the role in the second half of the year.

“As all boards of responsible companies do, our board of directors regularly reviews executive succession plans to ensure we have access to the best talent available and are prepared for orderly transitions to take place should the need arise,” Ford said in a statement.

Shares of Ford were up less than 1 percent Thursday afternoon.