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Ford CEO Hackett to retire, COO Jim Farley to lead automaker

Posted at 11:20 AM, Aug 04, 2020
and last updated 2020-08-04 11:20:44-04

DETROIT (AP) — Ford Chief Operating Officer Jim Farley will lead the storied automaker into the future starting Oct. 1 when current CEO Jim Hackett retires.

The company has struggled in recent years and is in the midst of an $11 billion restructuring plan designed to make it leaner and crank out new vehicles to replace what was an aging model lineup.

As COO, the 58-year-old Farley led the company’s global markets and product development. He was in charge as Ford rolled out a revamped F-150 pickup, the new Bronco off-road SUV brand and the electric Mustang Mach-E SUV.

Farley was hired away from Toyota by then-CEO Alan Mulally in November of 2007 to run Ford’s marketing operations.

Current CEO Jim Hackett once headed up Grand Rapids-based Steelcase.