Ford CEO Jim Hackett is Retiring as the Carmaker Reinvents Itself哈科特接任首席执行官,2017年一直领先ing an $11-billion restructuring of Ford's business.

ByMatthew DeBord

This story originally appeared onBusiness Insider

Carlos Osorio/Associated Press via BI
Ford announced Wednesday that CEO Jim Hackett (pictured) would be leaving the top job in October and be replaced by longtime Ford executive Jim Farley.

Ford CEO Jim Hackett is retiring, to be replaced by COO Jim Farley, the automaker announced Wednesday. Farley was also elected to the Ford board of directors.

"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," Bill Ford, the carmaker's executive chairman, said in a statement.

"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."

Hackett stepped into the CEO role in 2017, taking over for Mark Fields. He had been leading an $11 billion restructuring of the 117-year-old automaker.

Ford said that Hackett and Farley will work together to ensure an orderly transition and that Hackett will remain as an advisor through March of 2021.

Farley's appointment becomes effective October 1.

"My goal when I took on the CEO role was to prepare Ford to win in the future," Hackett said in a statement. "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."

Wavy Line

Matthew DeBord isBusiness Insider's Transportation Editor, covering cars, planes, boats, and everything else that moves us around.

Editor's Pick

Related Topics

Business News

'Treat People the Way You Want to be Treated': Pilot Goes Viral For Rant Directed at 'Selfish' Passengers

The American Airlines pilot wasn't tolerating any unruly behavior.

Business News

'Life of a Girl Dad:' Mark Zuckerberg Rocks Face Gems and Beaded Bracelets at Taylor Swift Concert

The Facebook founder attended the economy-boosting "Eras" tour with his daughters.

Business News

Chinese Zoo Denies That Bear in Enclosure Is Really a Human in Costume

The bear has created a frenzy on social media.

Money & Finance

Want to Become a Millionaire? Follow Warren Buffett's 4 Rules.

企业家是不能过度指狗万官方望太多a company exit for their eventual 'win.' Do this instead.

Devices

3 Things Businesses Should Remember When Handling Used Consumer Electronics

Most businesses rely on electronic equipment, but not enough know how to handle and dispose of it properly.

Growing a Business

How I Bootstrapped to $100 Million Without Venture Capital Funding

How I grew my business without any VC funding — and how you can, too.