On the same day that he stepped into his new role as CEO at Ford (F), Jim Farley has shaken up his leadership team in an effort to turnaround the company’s automotive operations.

Farley, who succeeded Jim Hackett on Thursday, made the announcements during a virtual town hall meeting with Ford’s global team. As part of Farley’s plan, costs will be reduced, quality will be improved, and underperforming businesses will be restructured.

“During the past three years, under Jim Hackett’s leadership, we have made meaningful progress and opened the door to becoming a vibrant, profitably growing company,” Farley said. “Now it’s time to charge through that door.”

“We are going to compete like a challenger – allocate capital to higher growth and return opportunities to create value – and earn customers for life through great products and a rewarding ownership experience.”

The leadership changes include the appointment of John Lawler, 54, as Ford’s chief financial officer. He will oversee finance and Ford Motor Credit. Lawler succeeds Tim Stone, who will leave the company on Oct. 15 for a position at ASAPP Inc.

Lawler was previously CEO of Ford Autonomous Vehicles and vice president of Mobility Partnerships. He has been with Ford for 30 years. Lawler’s replacement will be named at a later date.

Also, making moves at Ford is Jeff Lemmer, chief information officer, who will retire on Jan. 1 after 33 years with the company. His replacement will also be named at a later date, Ford said.

Joy Falotico, 53, will move from her role as president of Lincoln and Ford chief marketing officer to Lincoln Motor Company to focus on the luxury brand once a new candidate has been named for her role. She will report to Kuma Galhotra, president of The Americas and International Markets.

In Europe, Dale Wishnousky, 57, vice president of Manufacturing at Ford of Europe, will retire at the end of 2020. He has been with Ford since 1987 and will be succeeded by Kieran Cahill, 53, effective immediately. Cahill was previously director, Manufacturing and Strategic Projects at Ford of Europe.

In addition, Ford will now be split into three regional business units – the Americas and International Markets, Europe, and China.

The automaker is also looking to allocate more capital and resources to its strongest vehicle businesses and franchises, expand its commercial vehicle operations, offer more electric vehicles globally under the Transit, F-Series, Mustang, SUV and Lincoln brands, as well as add more affordable vehicles to its lineup worldwide.

Shares of Ford were trading at $6.73 as of 9:34 a.m. EDT, up 7 cents or 1.02%.

Ford CEO Jim Farley has made a series of leadership changes as he looks to turnaround the company with a new series of initiatives. Ford Motor Company