After three years of service, Jim Hackett is stepping down from his role as CEO of Ford Motor Company.
Hackett will be succeeded by Jim Farley who has worked as the company’s Chief Operating Officer, overseeing projects and company developments such as revamping and relaunching the Ford Bronco. Hackett will work alongside Farley for the next two months to ensure the transition goes as smoothly as possible.
Farley was originally hired from Toyota by former CEO, Alan Mullally in November of 2007. Since Mullally’s departure, the automaker has undergone consistent changes in leadership with Farley scheduled to become the company’s third CEO in six years.
Mark Fields took over for Mullally after his retirement in the summer of 2014. Ford hoped Fields would spark growth in financial results. However, the company’s stock was unable to move much during his tenure, bringing Hackett in as a replacement in 2017.
Hackett’s departure will be effective on October 1st. Although he didn’t give a reason for stepping down, the company has been under speculation of a change in leadership since February. Talks of change began after the company underachieved in the fourth quarter of 2019 and botched the launch of the Explorer SUV.
Farley, 58, is set to lead the automaker into the future. Ford hopes that Farley’s innovations in the company’s global market and product development will spark new life into recent disappointing numbers for both company stock and revenue.
Did you enjoy this article from Josh Isley? Read other articles from him here.
Be sure to follow us on Facebook and Twitter to stay up to date or catch-up on all of our podcasts on demand.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
This has been a JBF Business Media production.
