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Ford Changes Second CEO in Three Years, Keeps the Jim Jamming

Just three years after the Blue Oval’s last major executive shakeup, we are in for another shock – current president and CEO Jim Hackett has announced his retirement from the company. Starting October 1st his place will be taken by Jim Farley, the automaker’s chief operating officer.
Ford CEO Change 6 photos
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Remember when Ford decided to abandon his greatest heir to the empire – the young Mark Fields in favor of the older and probably much wiser Jim Hackett? Well it seems one of the largest American automotive corporations is looking to put its faith once more into someone younger – Hackett is currently 65 while Farley is 58, around the same age as Fields when he was forced to retire.

The carmaker has been struggling in recent years and it seems the recent wave of sympathy triggered by the arrival of the 2021 Ford Bronco is not enough to stop the top-level turmoil. If they are into such changes, we suggest the third CEO change (tentatively scheduled by us for 2023) should involve Dave Pericak, the main honcho when it comes to Ford’s Icons division (aka all things related to Bronco, Raptor, Mustang and GT).

Jim Farley is not only following Jim Hackett in taking the CEO and president mantle from October 1st, he is also set to become a member of the company’s board of directors. He is currently working together with Hackett to ensure “a smooth leadership transition over the next two months.

Farley has been groomed as the heir apparent over the past three years – he was backing Hackett into developing and putting into practice the company’s “Creating Tomorrow Together” strategy. The upcoming CEO, president and member of the board of directors started working for the Blue Oval back in 2007, joining its ranks as global leader of the marketing and sales department.

He then moved into an executive position as the head of the Lincoln brand, then Ford South America, Ford of Europe and all Ford global markets. As of April 2019, he was appointed in charge of Ford’s New Businesses, Technology & Strategy team that focused on software platforms, connectivity, AI, automation and alternative propulsion systems.

That was apparently still not enough because he then quickly became the company’s COO (chief operating officer) this very February. Meanwhile, Hackett will remain a “special advisor” for the automaker until March next year. “I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future,” comments Bill Ford, Ford’s executive chairman.

press release
 
 
 
 
 

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