Ford said on Monday that vice chairman for finance Carl Reichardt would step down within the next year, but remain on the company’s board of directors, Reuters reported.

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Reuters noted that Reichardt, the former chariman and CEO of Wells Fargo, was appointed vice chairman for finance by Ford CEO Bill Ford Jr. in 2001, as part of the company’s turnaround plans, and was given oversight of Ford Credit, the company’s massive lending arm that’s expected to provide most of Ford’s profits this year.

In remarks during the company’s annual meeting, Bill Ford said Reichardt would step down before next year’s annual meeting, and that his duties would be taken by chief financial officer Allan Gilmour, Reuters added.

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