Jim Farley to take helm of Ford Motor Co. by Oct. 1

MANILA: Ford Motor Company announced last week that Jim Hackett, chief executive officer (CEO) and president of the auto company since 2017, will be retiring, effective October 1, 2020. His successor will be Jim Farley, who is also expected to join the board of the directors and continue with the transformation of the brand.

Sixty-five-year-old Hackett and Farley, 58, will be working closely to attain the smooth transition of leadership for the next two months.

Hackett will continue as an exclusive advisor to Ford until March 2021. According to him, it is about time to hand over the mantle of leadership to Jim Farley.

Hackett added that his primary goal when he took the position as CEO was for Ford to be fully prepared for the future and that he is very proud of the achievements of the auto company during his term.

Under Hackett, Ford was able to move vigorously into the modern age of smart vehicles and concentrate more intensely on the preferences and needs of its customers. Moreover, Ford was further strengthened through the reduction of bureaucracy, enhancement of its product range, and restructuring of operations.

Executive Chairman Bill Ford said, “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future. Our new product vision — led by the Mustang Mach-E, new F-150, and Bronco family — is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity. And we are becoming much more nimble, which was apparent when we quickly mobilized to make life-saving equipment at the outset of the pandemic.”

Over the past three years, Farley, who is an automotive pioneer with a successful track record and extensive global expertise, has worked with Hackett to improve and execute Ford's "Creating Tomorrow Together" strategy to turn Ford into a higher-margin and higher-growth company.

Ford added, “Jim Farley matches an innate feel for cars and customers with great instincts for the future and the new technologies that are changing our industry. Jim’s passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future.”

Farley entered Ford in 2007 as the Global Head of Marketing and Sales. He then led Ford of Europe, Lincoln, Ford South America, and all Ford markets worldwide in succeeding roles.

In April 2019, Farley was selected to head the New Business, Technology, and Strategy team of Ford and assist the company in determining the process of capitalization on strong forces that are restructuring the industry like new forms of propulsion, automation, artificial intelligence (AI), connectivity, and software platforms.

In February 2020, he became the chief operating officer of Ford.

Farley remarked, “I love Ford and I am honored by the opportunity to serve and create value for Ford’s employees, customers, dealers, communities, and all of our stakeholders. Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am so excited to work together with the whole Ford team to realize the full potential of this great company in a new era.”

Photos from Ford

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