Following an official announcement on Thursday, Ford Motor Co. appointed Inc. veteran Tim Stone as the new Chief Financial Officer (CFO), marking its first external hire for the role in seven decades.

Bob Shanks who has been leading the financial operations of the company will retire from the role after serving the company for 42 years. Ahead of his appointment at Ford, Stone, 52, held several financial roles at Amazon for two decades and was most recently the Financial Officer of Snapchat messaging app owner, Snap Inc.

Ahead of this, Time Stone held several financial roles at Amazon for two decades.

Less than a year after his appointment at Snap Inc, Stone decided to step down from his role since the much-criticised redesign of the app. He is expected to take over as the CFO on June 1, Ford said in a statement. Additionally, the company also stated that ahead of his retirement, Shanks will work closely with Stone on the Transition and then on special projects through the end of the year. He will report to the CEO of Ford Motor Co. Jim Hackett.

“We’re so excited to have Tim join Ford at this incredible time for our company as we strive to become the world’s most trusted company, designing smart vehicles for a smart world,” Hackett said. “He was a key player in the incredible success at Amazon and he understands the principles of fitness and growth as complementary virtues for Ford’s future.”

In addition to this, the company also named Mark Ovenden as the President of International Markets Group, replacing Peter Fleet who will be retiring this year. Ahead of this, Fleet served as the President of Asia Pacific – a region that witnessed the biggest loss due to plummeting sales in China.

The American auto giant ended the year 2018 with $23.2 billion in cash and stated that its losses in China would narrow this year. Last week, the company announced plans of cutting more than 5,000 jobs in Germany alongside a reduction in its workforce in Britain as it seeks to bounce back in terms of profit in Europe.