Ford Motor Credit Chairman and CEO Bernard Silverstone to Retire After 37 Years


Dearborn-based Ford Motor Co. today announced that Bernard Silverstone, group vice president of Ford, and chairman and CEO of Ford Motor Credit Co., will retire in October after 37 years with the company.

“Bernard’s global expertise and strong leadership have been key to Ford Credit’s continued profitability and growth, as well as new financial solutions for mobility,” says Mark Fields, president and CEO of Ford. “Throughout his career, Bernard has worked tirelessly to ensure Ford Credit continues to be an important part of our success.”

Since becoming Ford Credit chairman and CEO in January 2013, Silverstone, 60, has been responsible for improving dealer and customer services, and maintaining low credit losses while providing consistent levels of automotive financing.

Silverstone joined Ford Credit Britain in 1979. He has held a variety of staff, operations, and leadership positions in the U.S., the U.K., and Australia, and had regional responsibilities for various North American, European, and Asia Pacific operations.

He also serves as a member of the boards of directors of the YMCA of Metropolitan Detroit and the Detroit Investment Fund.

“It has been a privilege to spend my career with this outstanding team and to have had the opportunity to lead Ford Credit’s contributions to Ford’s success,” Silverstone says.

Following Silverstone’s departure, Joy Falotico will be named group vice president at Ford, and chairman and CEO of Ford Credit.

Falotico, 49, joined Ford Credit in 1989 and has held a range of senior positions, including executive vice president, Ford Credit Marketing, Sales, Americas, and Strategic Planning; vice president of North American operations; vice president of U.S. Sales Operations; and vice president of Global Marketing. She has also had pan-European responsibility for customer and dealer service operations and risk management for Ford Credit Europe.