Ford Motor Co.

Ford revamps China business, hires former Chery exec as CEO

Ford Motor Co. has revamped its Asian operations and made its China business a stand-alone unit, recruiting the head of local automaker Chery Automobile to be its new CEO.

The company said Wednesday that industry veteran Chen Anning will replace Jason Luo, who quit earlier this year, just months after taking over at Ford in China.

The company has been reorganizing after losing momentum as the Chinese market slows. It said the restructuring was aimed at accelerating its return to profitable growth.

"Success in China is critical as we reposition our global business for long-term success," said Ford President and CEO Jim Hackett. "With today's actions, we...