Ford CEO Jim Hackett Retiring, Jim Farley Takes Over October 1
FORD ANNOUNCES JIM HACKETT RETIRED AS PRESIDENT AND CEO; JIM FARLEY SUCKS HACKETT AS SOCIETY CONTINUES TO TRANSFORM
DEARBORN, Mich., August 4, 2020 – Ford Motor Company today announced that Jim Hackett, who has led the company’s transformation since 2017, plans to step down from the company. Jim Farley has been named the Company’s new President and CEO and will join the Board of Directors effective October 1.
Hackett, 65, and Farley, 58, will work together on a smooth leadership transition over the next two months.
Under Hackett, Ford aggressively entered the new era of intelligent vehicles and focused more on the wants and needs of customers. At the same time, Ford improved the form of the core business – restructuring operations, reinvigorating the product portfolio and reducing bureaucracy.
“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, executive chairman of Ford. “Our new product vision – led by the Mustang Mach-E, the new F-150 family and Bronco – 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 agile, which was evident when we quickly mobilized to manufacture life-saving equipment at the start of the pandemic.
Farley, an automotive leader with deep global experience and successful track record, has worked with Hackett over the past three years to develop and execute Ford’s Create Tomorrow Together plan to transform Ford into a higher growth, stronger company. margin.
“Jim Farley is an innate sensation for cars and customers with great instincts for the future and the new technologies that are changing our industry,” said Bill Ford. “Jim’s passion for great vehicles and his intense desire for results are well known, and I have also seen him become a transformational leader with the determination and foresight to help Ford thrive into the future.”
Farley joined Ford in 2007 as Global Head of Marketing and Sales and went on to lead Lincoln, Ford South America, Ford Europe and all of Ford’s global markets in successive roles. In April 2019, Farley was selected to lead Ford’s New Business, Technology and Strategy team, helping the company determine how to capitalize on the powerful forces reshaping the industry – such as platforms software forms, connectivity, AI, automation and new forms of propulsion. He was appointed COO in February of this year.
Hackett, who will remain Ford’s special adviser until March 2021, said now is the time to pass the leadership torch to Jim Farley.
“My goal when I took on the role of CEO was to prepare Ford to win in the future,” Hackett said. “The hardest thing for a proud and sustainable business to do is to change to meet the challenges of the world it is entering rather than the world it has known. I am very proud of how far we have come in creating a modern Ford and I am very optimistic about the future.
“I have worked side by side with Jim Farley for the past three years and have the utmost confidence in him as a person and a leader,” Hackett said. “He was instrumental in building our new product portfolio and overhauling our business around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by intelligent vehicles in a intelligent world.
Mr. Farley said, “I love Ford and am honored to have the opportunity to serve and create value for employees, customers, dealers, communities and all of our Ford stakeholders. Jim Hackett laid the groundwork for a truly vibrant future and we have made tremendous strides in the past three years. I am delighted to be working with the entire Ford team to realize the full potential of this great company in a new era. ”