Ford Motor Company F on Tuesday announced CEO and president Jim Hackett will step down and retire after leading the company’s transformation since May of 2017. Jim Farley, Ford’s COO, will succeed Hackett effective Oct. 1.
Hackett will continue as a special advisor to Ford through March of 2021, and says the time is right to pass the mantle of leadership to 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,” said Bill Ford, Ford’s executive chairman in a statement.
Hackett failed to turnaround the automaker's fortunes in his three-plus years on the job. The stock has dropped about 42% in that time from the $11 level when he took over to under $7 today.
Ford highlights the company's 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,” added Ford.
Farley joined Ford in 2007 as global head of marketing and sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets in successive roles.
Ford shares were trading up 3.44% at $6.92 in Tuesday's pre-market session. The stock has a 52-week high of $9.65 and a 52-week low of $3.96.
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Ford CEO Jim Hackett, right, with Executive Chairman William Ford Jr. in Detroit. Photo by Dustin Blitchok.
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