Home Passenger Vehicle Cars Ford Motor COO Jim Farley to succeed Hackett as CEO

Ford Motor COO Jim Farley to succeed Hackett as CEO

Ford Motor Co’s Jim Farley, who’s chief working officer, will succeed Jim Hackett as the auto maker’s chief government and president on Oct. 1, the company said on Tuesday.

Farley, 58, joined Ford in 2007 and headed the company’s New Businesses, Technology and Strategy group earlier than being named COO in March.

Hackett and Farley will work collectively throughout a two-month transition.

Shares of the company rose 2.8% in early buying and selling.

Ford is within the midst of a world restructuring and faces slumping demand in China, its second-largest market.

The No.2 U.S. automaker’s $11 billion restructuring is way from full.

In China, Ford misplaced $771 million last year, about half its 2018 loss, and its market share there has shrunk. The company has struggled to revive gross sales in China since its enterprise started slumping in late 2017, and now the world’s largest market has been hit by the fast-sping novel coronavirus.

Farley beforehand led Lincoln, South America, Ford of Europe and all of Ford’s world markets in successive roles.

He is credited, together with Hackett, with forcing the redesign earlier than its introduction of the all-electric Mach-E crossover, and the choice to make it a Mustang car, leveraging that iconic model

Farley has owned seven of the automobiles, beginning with a 1965 mannequin he restored when he was 14 years previous.

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