Ford appoints Jim Farley to replace Jim Hackett as new CEO

Ford Motor Company announced on Wednesday that Jim Farley will be the company’s new president and CEO, and will join the board of directors from October 1.

Farley, 58, currently serving as COO since February this year, will replace Jim Hackett, 65, who has been the CEO of Ford since 2017, and has now decided to retire from the company.

Prior to joining Ford, Farley worked for nearly 20 years with Toyota and was reportedly convinced by former Ford CEO Alan Mulally to leave his role and join Ford.

Farley did so in 2007 as global head of marketing and sales for Ford and went on to lead Lincoln, Ford South America, Ford Europe and all Ford global markets in successive roles.

In April 2019, he was nominated to lead Ford’s New Businesses, Technology and Strategy team, furthering the digital transformation strategy of the company by working on technologies including software platforms, connectivity, AI, automation and new forms of propulsion, before being appointed as COO earlier this year.

“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,” said Bill Ford, Ford’s executive chairman.

“I have worked side-by-side with Jim Farley for the past three years and have the greatest confidence in him as a person and a leader. He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world,” added outgoing CEO Hackett.

One of Farley’s key responsibilities in his new role will be to oversee the company’s $11bn restricting plan and a new lineup of products including autonomous and electric vehicles.

“Our new product vision – led by the Mustang Mach-E, new F-150 and Bronco family – is taking shape. We now have compelling plans for electric and autonomous vehicles, as well as full vehicle connectivity,” said Ford.

In a major move for the American automaker, it recently announced that its iconic Ford Bronco would make a return and enter into production next year after a nearly a quarter of a century.

Read: Ford’s new 2021 Bronco will revive iconic model after 24-year hiatus