Ford appoints Jim Farley as its new CEO to move ahead with restructuring

By Nick Carey, David Shepardson, and Rachit Vats

Aug 4 (.) – Ford Motor Co named Jim Farley as its new CEO on Tuesday, as the largest U.S. automaker faces a restructuring of its global operations amid the ravages of the coronavirus.

Farley, 58, who is currently chief operating officer, will succeed Jim Hackett as CEO and president of the company on October 1, the automaker said. Farley will be Ford’s fourth CEO since 2014. Farley, who joined the company in 2007, was named chief operating officer in March. At that time, his main internal rival to assume the maximum position in the company, Joe Hinrichs, announced his retirement.

The newly appointed CEO has a reputation within Ford for being a skilled political operator, which has earned him some loyal fans but has also made him unpopular.

Hackett and Farley will work together during a two-month transition period. Hackett, 65, will continue as an advisor to the company until March 2021.

Ford’s shares were up about 1% in midday trading, after a previous 3% rise on news of Farley’s appointment as CEO.

(Additional report by Paul Lienert in Detroit. Edited in Spanish by Rodrigo Charme)