Jim Farley to replace Jim Hackett as Ford CEO

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Hackett is retiring after his three-year bid to turn Ford around failed to make inroads

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Michigan, US — Ford says it will promote Jim Farley to CEO on October 1 to replace Jim Hackett, who has elected to retire after his three-year bid to turn around the carmaker failed to gain traction.

Last week, Ford posted a second-quarter operating loss that was less than half the $5bn deficit it had predicted, due in part to demand for its SUVs and trucks holding up better than feared. But some of the company’s overperformance also could be chalked up to an on-paper gain from its investment in self-driving start-up Argo AI.

In February, Ford announced the promotion of Farley, one of the two presidents seen as leading candidates to become the next CEO. The other, Joe Hinrichs, left the company.

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