Ford CEO Jim Hackett to step down
COO Jim Farley announced as replacement, effective from 1 October
Ford CEO Jim Hackett has announced that he will retire at the end of September, and will be succeeded by current chief operating officer Jim Farley.
Hackett, now 65, has led the company since May 2017, and led a substantial reorganisation of its global business model. He will work alongside Farley until his departure on "a smooth leadership transition".
Executive chairman Bill Ford said: "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,” said Bill Ford, Ford’s executive chairman. “Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape.
"We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic.”
Farley takes the helm at the Blue Oval, following 13 years of service, as the company embarks upon a new model development partnership with Volkswagen and advances plans to usher in a range of electrified models. His appointment comes as the company plots its recovery following the coronavirus pandemic.
Bill Ford said "now is the right time" to "let Hackett have a break", and to "elevate Farley" to the role of CEO.
Hackett played a key role in expanding Ford's connectivity offering, reducing bureaucracy and streamlining its global operations. He cited "moving ahead, rather than moving first" as the basis of his management style, and said the recent unveilings of the new Bronco and Mach E SUV put the company in a good place.
This breaking news story is being updated.
