7:44 am, August 5, 2020
Ford has named Jim Farley as its new chief executive when current chief Jim Hackett retires.
Farley, 58, will take over on October 1 and will be tasked with continuing Ford’s 11 billion US dollars restructuring plan, which is designed to make the blue oval leaner and roll out new models in what was an ageing lineup.
As chief operating officer, Farley led the company’s global markets and product development with vehicles like the revamped F-150 pick-up, the new Bronco off-road SUV brand and the electric Mustang Mach-E SUV.
Farley was was hired away from Toyota by then-chief executive Alan Mulally in November of 2007 to run Ford’s marketing operations.
The 65-year-old Jim Hackett took over for the ousted Mark Fields in May of 2017 and immediately making extensive changes to the management structure.
But his often lengthy directives confused employees who were not clear on where the company was headed.
Hackett will stay on as an adviser to Farley through March of 2021.
Ford executive chairman Bill Ford, the great grandson of company founder Henry Ford, praised Hackett for modernising the company and reducing bureaucracy.
‘We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity.
‘And we are becoming much more nimble,’ Bill Ford said.
Just after the change was announced Tuesday morning, Ford shares rose two per cent to 6.84 US dollars in pre-market trading.
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