Yahoo Autos Jim Farley Is Ford’s Next CEO
Having a CEO who vintage races a Ford Cobra and a GT40 has to be a good thing for the enthusiast world, right? We’re about to find out: Ford announced this morning that CEO Jim Hackett is stepping down and Jim Farley is replacing him. The automaker says that Hackett and Farley will work together the next two months “to ensure a smooth transition.” Ford also said Hackett stays on in an advisory role through next Spring.
Farley left Toyota and joined Ford in 2007 and has held various jobs including global sales and marketing boss and COO. He also ran Lincoln for a bit.
Hackett came to Ford from the furniture industry and made a few decisions some found controversial such as ditching almost all of Ford’s passenger cars in favor of trucks and SUVs. The Wall Street Journal wrote that Hackett is “more than three years into a turnaround effort that has yet to lift profits or the automaker’s depressed share price.” Hackett points out that the Bronco and Mustang Mach-E show that things are starting to turnaround.
Ford’s factories here and abroad are almost back to pre-coronavirus production levels, and the company expects a third-quarter operating profit between $500 million and $1.5 billion.
There are big challenges ahead but a real car guy is in charge. Here’s to fun cars and performance being safe at Ford.
