BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

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Thread: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

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    BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    The Wall Street Journal
    August 4, 2020

    Ford Motor Company Chief Operating Officer Jim Farley will take over as chief executive, replacing the retiring Jim Hackett, who is more than three years into a turnaround effort that has yet to lift profits and the auto maker’s depressed share price.

    The company said Tuesday Mr. Farley, 58 years old, will succeed Mr. Hackett, 65, on Oct. 1. Mr. Hackett will remain in an advisory role through next spring, the company said.
    Ford Motor Company press release:

    DEARBORN, Mich., Aug. 4, 2020 – Ford Motor Company today announced that Jim Hackett, who has led the company’s transformation since 2017, plans to retire from the company. Jim Farley has been named the company’s new president and CEO and will join the board of directors, effective Oct. 1.

    Hackett, 65, and Farley, 58, will work together on a smooth leadership transition over the next two months.

    Under Hackett, Ford moved aggressively into the new era of smart vehicles and drove a deeper focus on customers’ wants and needs. At the same time, Ford improved the fitness of the base business – restructuring operations, invigorating the product portfolio and reducing bureaucracy.

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

    Farley, an automotive leader with deep global experience and a successful track record, collaborated with Hackett over the past three years to develop and execute Ford’s Creating Tomorrow Together plan to transform Ford into a higher-growth, higher-margin business.

    “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,” Bill Ford said. “Jim’s passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future.”

    Farley joined Ford in 2007 as global head of Marketing and Sales and went on to lead Lincoln, Ford South America, Ford of Europe and all Ford global markets in successive roles. In April 2019, Farley was chosen to lead Ford’s New Businesses, Technology & Strategy team, helping the company determine how to capitalize on powerful forces reshaping the industry – such as software platforms, connectivity, AI, automation and new forms of propulsion. He was named chief operating officer in February of this year.

    Hackett, who will continue as a special advisor to Ford through March of 2021, said the time is right to pass the mantle of leadership to Jim Farley.

    “My goal when I took on the CEO role was to prepare Ford to win in the future,” Hackett said. “The hardest thing for a proud, long-lived company to do is change to meet the challenges of the world it’s entering rather than the world it has known. I’m very proud of how far we have come in creating a modern Ford and I am very optimistic about the future.

    “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,” Hackett said. “He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.”

    Said Farley: “I love Ford and I am honored by the opportunity to serve and create value for Ford’s employees, customers, dealers, communities and all of our stakeholders. Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am so excited to work together with the whole Ford team to realize the full potential of this great company in a new era.”








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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed In Role

    In a down futures market, Ford stock is up almost 4% on the news.





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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    What is with Ford and reducing bureaucracy? Every CEO at Ford claims to have reduced it, but it seems to stay.

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Quote Originally Posted by mbukukanyau View Post
    What is with Ford and reducing bureaucracy? Every CEO at Ford claims to have reduced it, but it seems to stay.
    hahaha - they all claim to do that, I think they are actually reducing the rank & file but throw in a few sacrificial manager/exec's so that they can say they are reducing bureaucracy.

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Seems like a good call to me. At least Farley is a life long automotive guy with adequate years at Ford. I like this decision because I was never impressed with a man who knows **** about the automotive business. That includes Mulally, who was just the right man at the right time. Correct me if I am wrong, but he killed Merc and wanted to do same to Lincoln. I do like where Ford is right now with future product directions. How much of that was Hackett, I don't know.

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    In other news, Pete D has now has his article subject for the next 3 months.

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    I was not impressed with Hackett so I am not upset with this news
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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Quote Originally Posted by DreadNaughty View Post
    Seems like a good call to me. At least Farley is a life long automotive guy with adequate years at Ford. I like this decision because I was never impressed with a man who knows **** about the automotive business. That includes Mulally, who was just the right man at the right time. Correct me if I am wrong, but he killed Merc and wanted to do same to Lincoln. I do like where Ford is right now with future product directions. How much of that was Hackett, I don't know.
    Wasn't he the one who decided to take what was going to be a generic Ford EV CUV and rebrand/style it as what it is today...the Mustang Mach E? If that came from him...That IMO was a genius move.
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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Chris Farley was better than Buddy Hackett at comedy so this is a good move

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Fun fact, Ford requires their CEOs to retire by the age of 65. Guess who turned 65 in April?

    Hackett was liked in the company, people found him Gregarious and a good delegator. Farley is more tempermental, but he's also a visionary and passionate about the company. I've always been impressed by Farley as a communicator, which is Hackett's biggest weakness. We'll see how he is as a manager, he should be tougher than Hackett but I can imagine him clashing more with his teams.
    Last edited by BORG; 08-04-2020 at 12:14 PM.

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    I was going to ask if there's any relation to Chris Farley.
    GMI Site Rules: 11. "Trolling", or making posts with the sole intention of creating problems on the forums is obviously against the forum guidelines. We define trolling as a member that appears to have the sole purpose of posting just to spite the majority of the site or cause flame wars in threads they participate in. PLEASE respect differing opinions on the site at all times!

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Quote Originally Posted by BORG View Post
    Fun fact, Ford requires their CEOs to retire by the age of 65. Guess who turned 65 in April?

    Hackett was liked in the company, people found him Gregarious and a good delegator. Farley is more tempermental, but he's also a visionary and passionate about the company. I've always been impressed by Farley as a communicator, which is Hackett's biggest weakness. We'll see how he is as a manager, he should be tougher than Hackett but I can imagine him clashing more with his teams.
    Basically he is consumed by pride and overconfidence With a healthy dose of power eating into his head?

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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Quote Originally Posted by rmc523 View Post
    In other news, Pete D has now has his article subject for the next 3 months.
    And it's going to be awesome!

    Quote Originally Posted by TruckMan View Post
    I was going to ask if there's any relation to Chris Farley.
    Holy crap...Chris Farley is his cousin, according to Wikipedia!
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    Quote Originally Posted by vanshmack View Post

    Quote Originally Posted by TruckMan View Post
    I was going to ask if there's any relation to Chris Farley.
    Holy crap...Chris Farley is his cousin, according to Wikipedia!
    You mean to tell me Jim Farley lives in a van down by the river?
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    Re: BREAKING: Ford CEO Hacket To Retire; Farley Is Appointed New CEO

    Quote Originally Posted by dannyg View Post
    You mean to tell me Jim Farley lives in a van down by the river?
    Not merely by the river, in the river.

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