Ford CEO Jim Hackett Leaving, to Be Replaced by COO Jim Farley
Ford CEO Jim Hackett, 65, has announced his retirement after three years at the helm of the automaker.
Chief operating officer Jim Farley, 58, will take over as president and CEO of Ford on October 1, and he will also join the board of directors.
Ford announced the move this morning in a press conference at which they said the two men will work together over the next two months to ensure a smooth transition.
Ford CEO Jim Hackett is stepping down after leading the company for three years. His successor will be Jim Farley, who will take the reins as of October 1.
Hackett, who came to Ford with little experience in the automotive sector, made some controversial decisions during his tenure, such as a major reshaping of Ford’s product portfolio that involved canceling nearly all passenger-car nameplates to leave only trucks and SUVs. At this morning's press conference, Hackett acknowledged his efforts have been trying to "the patience of our stakeholders." The Wall Street Journal commented that Hackett’s three-year turnaround plan “has yet to lift profits and the automaker’s depressed share price.” However, Hackett emphasized that, with the introductions of the Bronco and the Mustang Mach-E, "you're starting to see the fruits of our labor."
Farley has been at Ford since 2007 and has held positions including global head of sales and marketing, head of Lincoln, and chief operating officer.
As part of the promotion, @Ford's board of directors approved an annualized base salary increase for Jim Farley from $1.4M to $1.7M, according to an SEC filing.
— Michael Martinez (@MikeMartinez_AN) August 4, 2020
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