Ford announces 'leadership changes' amid $1 billion in unexpected supplier costs

Company looks to overhaul "global supply chain management."
Ford's F150 production plant in Dearborn, Mich.

Ford Motor Corp. this week announces major executive changes as it struggles under a reported $1 billion in unexpected supply chain costs following the third quarter. 

The company in a press release on Thursday said that it was rolling out "key leadership changes" in part to "transform the company’s global supply chain management."

The company is aiming to "support efficient and reliable sourcing of components, internal development of key technologies and capabilities, and world-class cost and quality execution," it said in the release. 

The shift would appear to be an obvious response to the company's reporting an extra $1 billion in supplier costs over Q3 2022.

The company said on Monday that "based on recent negotiations, inflation-related supplier costs during the third quarter will run about $1.0 billion higher than originally expected."