Ford CEO Jim Hackett Is Retiring, Replaced by COO Jim Farley

From Road & Track

Ford CEO Jim Hackett is retiring on October 1 after a tumultuous tenure that pushed Ford away from cars and toward automation and electrification, the automaker announced Tuesday. After disappointment from investors on what many see as slow progress, though, many expected Hackett to be on the outs. He'll be replaced by chief operating officer Jim Farley.

"I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future," Ford Executive Chairman Bill Ford said in a statement. "Now, Jim Farley will continue that momentum, bringing his drive for results, passion for our industry, and determination and foresight to help Ford thrive."

Farley is a certified car enthusiast, a big proponent of the Mustang, and a racer himself. In addition to frequent track days, Farley has a classic Ford GT40 that he's run in Le Mans Classic. He takes over the company at an inflection point, when it's well on its way to delivering a car-free lineup (plus the Mustang) buoyed by phenomenal truck sales, but before it's been able to see a benefit from its investments in autonomy and electrification.

He'll have to work on that transition, while keeping the enthusiasm for the Mustang alive, holding the F-Series in front of Ram and Chevy, building up dedicated brands like Bronco, and continuing Lincoln's reinvention. Farley also has to oversee the launch of three critical products to the company's electrification and truck-heavy portfolio: the new F-150, the Bronco, and the Mustang Mach-E. He'll have a busy first year.

You Might Also Like

• 16 of the Most Interesting Engine Swaps We've Ever Seen

• See 70 Years of the Greatest Ferraris Ever Built

• These Are the 14 Best New Cars for Less Than $45,000