Ford CEO Jim Hackett stepping down
Jim Hackett, the chief executive and president of Ford Motor Co., unexpectedly announced his retirement on Tuesday.
Hackett, 65, will be succeeded by Chief Operating Officer Jim Farley, 58, effective Oct. 1, according to a company release.
"I love Ford and I am honored by the opportunity to serve and create value for Ford's employees, customers, dealers, communities and all of our stakeholders," Farley said in the release. "Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am so excited to work together with the whole Ford team to realize the full potential of this great company in a new era."
Hackett has been CEO since 2017, and he will continue to advise Farley through March 2021, Ford said.
"I have worked side-by-side with Jim Farley for the past three years and have the greatest confidence in him as a person and a leader," Hackett said in the release. "He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world."