Hackett, 65, will hand over the job to Farley, 58, on October 1, but stay on as a special advisor through March 2021. Farley joined Ford in 2007 after a long tenure at Toyota and currently serves as chief operating officer.
Hackett joined Ford in 2017 from furniture company Steelcase and was known for his skills in turning around struggling organisations.
Hackett has overseen some major shifts at the 117-year-old Detroit auto staple, including phasing out most sedan models and launching the Mustang Mach-E, an all-electric sport utility vehicle built on one of the auto industry’s most iconic brands.
Ford Chairman Bill Ford credited Hackett with “slaying the sacred cows” during his run and characterized Farley as a true car expert, noting he enjoys racing vintage cars as a hobby.
“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,” Ford said.
“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.”
Shares of Ford jumped 3.0 percent to $6.89.
Putin Touts Russian COVID-19 Vaccine, Offers It To UN Staff For Free
COVID-19 Is A Sign That God Is Not Happy With Us – Aisha Buhari
Terrorists Open Fire On Gov Zulum’s Convoy, Kill 3 Soldiers, 8 Policemen ― AFP
Entrepreneurship: Ikpeazu Launches Start Up Support Program For Young Abians
BREAKING: APC Nullifies Suspension Of Fayemi, Others
BREAKING: 14 Corpses Recovered From Ebonyi River (Photos)
Any Society Where Thugs Become Role Models Will Fail – Jonathan
Edo Guber: I Saw Oshiomhole With Gov. Uzodinma And knew APC’ll Lose — Okorocha [VIDEO]
Sen. Kalu Mourns Victims Of Ebonyi Accident
BREAKING! Ize-Iyamu Accepts Defeat, Congratulates Obaseki
Local News23 hours ago
Uche Ogah Partners NDE, Disburses Loans To Abians (Photos)
POLITICS23 hours ago
2023: Nobody Should Deny South-East Right To Presidency – APC Group
Local News19 hours ago
“Disband Market Unions That Observes Sit-At-Home ” – Ohanaeze Tells South-East Gov
POLITICS22 hours ago
Fear Of Visa Ban, Key To Edo Election Success – Wike
METRO20 hours ago
Abducted Officials Paid N6m Ransom Each – FRSC
Local News18 hours ago
BREAKING! Judiciary Workers To Join Planned Labour Strike
International News24 hours ago
Buhari Commissions Road Named After Him In Guinea Bissau (Photos)
METRO24 hours ago
IPOB, Yoruba Group Reveal Plans, Give Nigeria Govt Ultimatum