Cannis retiring a ‘big loss’ for Ford, says Morgan Stanley

After Ford announced that Ted Cannis, CEO of Ford Pro, will retire after 35 years at the company, Morgan Stanley analyst Adam Jonas called the exit a “big loss” given the opinion that Cannis was “one of the most competent and well-respected leaders at Ford.” Noting that Ford is unable to announce his replacement at this time, the firm said it expects a replacement to come from outside the company. The firm, which adds that “investors will look at unexpected departures of executives running highly successful business units and ask if there are any underlying fundamental implications at play,” has an Overweight rating and $16 price target on Ford shares.