Ford Motor Co. announced Thursday that Chief Financial Officer Bob Shanks plans to retire from the company at the end of this year and will be succeeded by Tim Stone, a finance executive who served 20 years at Amazon Inc. and as CFO of Snap Inc.

Stone, 52, will join Ford on April 15 as a company officer and assume the role of CFO on June 1, Ford said in a news release. He will report to Ford President and CEO Jim Hackett.

Stone announced Jan. 15 that he would be resigning as CFO of Snap to pursue other opportunities, the company said in an SEC filing. Reports about Shanks retiring first surfaced last month.

"Bob will leave a remarkable 42-year legacy at Ford," Hackett said in a the release. "As a CFO, he's been relentless in driving for results and pushing the company to greater heights. He's also been a wonderful colleague who leads with integrity, warmth and humor. Bob's leadership was integral to Ford's comeback during the great recession, and he has been an invaluable partner as we transform Ford to succeed in the next era."

Shanks, 66, was named the automaker's CFO in April 2012. He will work closely with Stone on the CFO transition and then work on special projects through the end of the year.

"We're so excited to have Tim join Ford at this incredible time for our company as we strive to become the world's most trusted company, designing smart vehicles for a smart world," Hackett said in the release. "He was a key player in the incredible success at Amazon and he understands the principles of fitness and growth as complementary virtues for Ford's future."