Automotive & Aftermarket News

Ford President and CEO Jim Hackett to Retire

Image Maize & Blue Nation/CC by 2.0

Ford CEO and President Jim Hackett, 65, will retire from the company effective Oct. 1, the company announced today. He will be succeeded in the role by Ford COO Jim Farley, 58, who was promoted to his current position in February.

Hackett’s tenure at the helm saw Ford aggressively pursue smart vehicle technology and strengthen its focus on customer wants and needs, the automaker said. In a prepared statement, Ford Executive Chairman Bill Ford thanked Hackett for his role in modernizing the company:

“Our new product vision — led by the Mustang Mach-E, new F-150, and Bronco family is taking shape,” he said. “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.”

All things come to an end, but Hackett’s term as CEO — which began in May 2017 — is wrapping up sooner than many industry sources expected, according to various reports.

An article from CNBC noted that the announcement comes in the middle of an $11 billion restructuring plan that hasn’t sparked an improvement in Ford shares, which are down about 40 percent during Hackett’s tenure. Those shares increased by 3 percent immediately following the announcement, the same report said.

Farley, who joined Ford in 2007 as the global head of marketing and sales, became a logical choice to succeed Hackett after being chosen to lead Ford’s New Businesses, Technology & Strategy team in April 2019. In that role, he has helped Ford determine how to capitalize on software platforms, connectivity, new forms of propulsion, and other “powerful forces reshaping the industry,” the company said.

A report from the popular automotive blog Jalopnik speculates that the leadership change appears indicative of Ford’s dedication to electrified vehicle technology:

“On paper this seems like a further push by Ford into the direction of Mustang Mach-E and electrified things, though in practice it’s hard to imagine this will change Ford’s general direction much. Ford is not alone in any case, as ‘small cars are bad and electric cars might be good’ is the direction of pretty much every major automaker in the North American market at the moment. The biggest upcoming test of Farley will be the electric F-150. Then we’ll see how different he really is.”

Jalopnik

Though Hacket’s term as Ford President and CEO is coming to a close, he will continue to serve as a special advisor to the company through March 2021, Ford said.

Tags: , ,

4 Comments

  1. Steve Knight says:

    If you insist on pursuing “electric” cars, and no matter how you dress them up (mustang “mach E my ass) electric cars will never get to more than a very minor market share unless you can develop a vehicle that has 400 plus miles of range and recharges in 5 minutes. My wife has a 2014 Focus, and it can do that all week long. I have a 1951 Ford pickup with a horrid old carburetor and pushrods in the 351W. I assure you, it will tear your Mach E a new one. It’s all ford. With the exception of the new 445 cubic inch(pushrod)engine, You’ve abandoned common sense. Why go electric and accept less for more money? Oh…and…along the way make electricity free. or you can’t compete as a budget item either.

  2. Pingback: Ford President and CEO Jim Hackett to Retire

  3. Thanks for sharing.I found a lot of interesting information here. A really very thankful and hopeful that you will write many more posts like this one.

  4. Thanks for a great post

Leave a Reply

Your email address will not be published. Required fields are marked *

*

This site uses Akismet to reduce spam. Learn how your comment data is processed.