Jim Farley succeeds Jim Hackett as Ford CEO
Jim Hackett will retire as Ford Motor CEO on 1 October 2020. He will be replaced by Jim Farley, who had been promoted to COO in February. The record operational loss of $2 billion, recently announced for the second quarter of this year, may have been instrumental in the move.
Jim Farley joined Ford in 2007, having acquired valuable experience at Toyota. Between 2015 and 2017, he was at the helm of Ford Europe in Cologne, giving him an insider view on the carmaker's loss-making European operations. It remains to be seen what direction he will give Ford, and whether Ford will also pull out of Europe as GM did when it sold Opel/Vauxhall to PSA.
Image copyright: Ford Motor Company