NEW YORK - Ford announced Tuesday that Jim Hackett would resign as chief executive and be replaced by auto veteran Jim Farley as the car giant pushes further into digital and electric investment.Hackett, 65, will hand over the job to Farley, 58, on 1 October, but stay on as a special advisor through March 2021. Farley came to Ford in 2007 after a long tenure at Toyota and currently serves as chief operating officer.
He has overseen major shifts at the 117-year-old Detroit firm, including phasing out most sedan models in the US market and launching the Mustang Mach-E, an all-electric sport utility vehicle built on one of the auto industry's most iconic brands. Ford's share price has fallen during Hackett's tenure amid doubts over long-term direction as it has lagged rival General Motors.Ford, the great-grandson of company founder Henry Ford, said during a briefing with reporters that Hackett's mission at the outset of his appointment included preparing the company for a successor.'ALL IN'
"While Ford's new vehicle lineup has shown some promise with the Mustang Mach-E and Bronco, we think Farley will have his work cut out to 'right the ship,' as Ford remains in the middle of a multi-year restructuring and we don't see its vehicle sales returning to pre-Covid levels anytime soon."
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