Ford Motor (F) on Friday laid out a succession plan for its finance chief role with current CFO John Lawler to transition to vice chair in early June.

The automaker said Sherry House will join as vice president of finance next month, with plans for House to succeed Lawler as CFO early next year. House most recently served as CFO of Lucid Motors (LCID).

The leadership changes are part of Ford's aim to bolster its Ford+ growth plan and accelerate profitability through a more "resilient" business. As vice chair, Lawler will focus on areas including Ford's strategic development and global partnerships.

"I'm honored to take on this broader role, working with (Chief Executive Jim Farley) to advance our global strategy and bringing my experience, knowledge and relationships to bear through Ford+," according to Lawler, who has been CFO since October 2020. "This is a great challenge with great possibilities and I'm eager to get after it."

Shares of the company edged down 1% in Friday's trading session.

"John is an outstanding strategic business leader and can leverage his talent and global experience to help Ford compete and win in this fast-changing and extremely competitive environment," according to Farley. "At the same time, Sherry adds an important leadership dimension to Ford as we urgently build a profitable (electric vehicle) business, generate new and recurring revenue streams, and create a more dynamic and resilient company."

Last month, Ford reported adjusted earnings of $0.49 per share for the first quarter, down from $0.63 the year before, while revenue advanced to $42.78 billion from $41.47 billion.

Separately, Ford said in an email to MT Newswires that it plans to manufacture an "all-new, multi-energy passenger vehicle" in Valencia, Spain. "As per the usual process, our teams are now engaged to secure full program approval," the company said.