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Ford CEO Hackett to retire, COO Jim Farley to lead automaker

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Posted at 9:04 AM, Aug 04, 2020
and last updated 2020-08-04 19:03:05-04

DETROIT (AP) — Ford Chief Operating Officer Jim Farley will lead the storied automaker into the future starting Oct. 1 when current CEO Jim Hackett retires.

The company has struggled in recent years and is in the midst of an $11 billion restructuring plan designed to make it leaner and crank out new vehicles to replace what was an aging model lineup. As COO, the 58-year-old Farley led the company’s global markets and product development.

He was in charge as Ford rolled out a revamped F-150 pickup, the new Bronco off-road SUV brand and the electric Mustang Mach-E SUV. Farley was was hired away from Toyota by then-CEO Alan Mulally in November of 2007 to run Ford’s marketing operations.