Hackett took over in 2017 and led a $ 11 billion restructuring of Ford’s business.
Read for 2 min
This story originally appeared on Business Insider
Jim Hackett, CEO of Ford, will retire and be replaced by Jim Farley, Chief Operating Officer. The automaker announced this on Wednesday. Farley was also elected to Ford’s board.
“I am very grateful to Jim Hackett for everything he has done to modernize Ford and prepare us to compete and win in the future,” said Bill Ford, the automaker’s chief executive officer, in a statement.
“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’re going a long way more agile in what became apparent when we quickly mobilized to build life-saving devices at the beginning of the pandemic. “
Hackett took over the management and Mark Fields in 2017. He had led a $ 11 billion restructuring of the 117-year-old automaker.
Ford said Hackett and Farley would work together to ensure an orderly transition, and Hackett would remain an advisor until March 2021.
Farley’s appointment will take effect on October 1.
“My goal as CEO was to prepare Ford for future victory,” said Hackett in a statement. “The hardest thing for a proud and long-lived company is to face the challenges of the world it is entering instead of the world it knows. I am very proud of how far we have come in developing a modern Ford , and I’m very optimistic about the future. “