BREAKING: Ford replaces European CEO following Q3 losses

Automotive manufacturer Ford has announced it has replaced its European boss following widening third quarter losses. In a press release the company said Jim Farley, Ford’s global marketing chief, has taken over as head of European operations, based in Cologne, Germany.

Farley is reversing roles with outgoing European CEO, Stephen Odell, who will head up group-wide marketing.

Ford hasn’t turned a profit in Europe since 2010, when Odell took over and the region plunged into an economic recession. Ford is forecasting a $1.2-billion loss in Europe for 2014, following widening third-quarter losses, and no longer is predicting a return to profit next year.

Farley, 52, has been appointed to charged lead Ford’s turnaround in Europe, which includes a series of new product launches and cost cutting exercises. Farley took over the marketing role in 2007, and previously spent a decade at the Lexus luxury division of Toyota Motor Corp.

Odell, 59, is credited as instrumental in the turnaround at Volvo, where he was CEO for two years, and at Mazda, where he was marketing chief. Ford said the changes have been planned for some time.