Ford ’s current chief executive officer (CEO), Jim Hackett will retire on 1 October 2020. The company on Tuesday announced that Chief Operating Officer (COO) Jim Farley will be taking the helm.
About Hackett’s Journey
Jim Hackett is 65-years-old and he has led Ford_Motor Co. since May 2017. He is in the work of reviewing the company’s management structure and flattened the organization so it could grow faster. However, he is known for his lengthy directives which sometimes confuse the employees who are working under him.
There were several ups and downs during his entire tenure. He joined Ford during a time when the entire auto sector has gone through a drastic period of change. However, one must never forget that during his era the company has struggled with product launch problems involving the Ford Explorer, the Lincoln Aviator, and the Police Interceptor. The company had to face frequent drops in sales earnings and stock value.
At the same time, the company improved the fitness of the base business.
On Tuesday’s briefing, Ford described Jim Hackett as “brave” and praised him for “taking on the tough issues” and “slaying sacred cows.”
Who is Jim Farley?
The 58-year-old Farley joined Ford in 2007. Immediately he started working as the global head of marketing and sales of the company. He will join his role as Ford’s CEO on 1 October 2020. Earlier he has also worked with Toyota.
While working with Ford_Motor Co. Farley has led Ford South America, Ford of Europe, Lincoln, and all Ford global markets.
According to the higher authorities of the company Jim Farley matches the best for the post as he has a great knowledge of cars and customers accompanied by great instincts for future trends.
The company also announced that Jim Hackett will continue to work with Ford as “a special advisor” to Ford through March of 2021.
Coming to the company’s performance in 2020, for the first three months of the year, the company faced a huge loss of $2 billion. Last week again the company recorded a loss of $1.9 billion in Q2, however, this was better than Wall Street’s prediction.