- ford ceo jim hackett, 65, has announced his retirement after three years at the helm of the automaker.
- chief operating officer jim farley, 58, will take over as president and ceo of ford on october 1, and he will also join the board of directors.
- ford announced the move this morning in a press conference at which they said the two men will work together over the next two months to ensure a smooth transition.
ford ceo jim hackett is stepping down after leading the company for three years. his successor will be jim farley, who will take the reins as of october 1.
hackett, who came to ford with little experience in the automotive sector, made some controversial decisions during his tenure, such as a major reshaping of ford’s product portfolio that involved canceling nearly all passenger-car nameplates to leave only trucks and suvs. at this morning's press conference, hackett acknowledged his efforts have been trying to "the patience of our stakeholders." the wall street journal commented that hackett's three-year turnaround plan “has yet to lift profits and the automaker’s depressed share price.” however, hackett emphasized that, with the introductions of the bronco and the mustang mach-e, "you're starting to see the fruits of our labor."
farley has been at ford since 2007 and has held positions including global head of sales and marketing, head of lincoln, and chief operating officer. bill ford, asked at the press conference whether outside candidates were considered for the top job, said, "we did throw some names around," but said "everybody was getting very inspired by jim farley's leadership" and that "our board felt that we were on the right path." ford also said additional management changes will be up to farley but commented that he doesn't expect "any big surprises."
ford shares jumped nearly 3 percent this morning immediately after the report of the ceo change, although they are down by more than $4 a share from their value in 2017 when former ceo mark fields departed.