DEARBORN, Mich. (AP) -- Ford Motor Co. said Monday that Mike Bannister, chairman and CEO of Ford Motor Credit Co., will retire on Jan. 1.
The business is a subsidiary of Ford and provides financing for the sale of the company's cars and trucks.
Bannister, 62, joined Ford Motor Credit 39 years ago and worked his way up before being named chairman and CEO of the business in 2004.
Ford said he will be succeeded by Bernard Silverstone. Silverstone, 56, has worked at Ford Credit for 33 years and is currently chief operating officer of the business.
Shares of Ford, based in Dearborn, Mich., fell 11 cents to $10.07 in afternoon trading.