Ford CEO Jim Hackett to Retire; Jim Farley Named Successor

Ford Motor Company (NYSE: F) announced today that its CEO, Jim Hackett, who has led the company since 2017, has elected to retire. 

As was widely expected, Hackett will be succeeded by Jim Farley, a longtime Ford executive who became the company's chief operating officer earlier this year. The changes will be effective Oct. 1. Hackett will serve as a "special advisor" to Ford from Oct. 1 until he retires on March 31, the company said. 

Farley, who joined Ford in 2007 from Toyota to run the company's marketing team, has long been seen as a rising star in the organization. Shortly after becoming CEO, Hackett put Farley in charge of Ford's global product initiatives, a position in which he could essentially audition for the top job. 

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Source Fool.com