Hackett has led Ford since 2017, and under him, the company saw the launch of several new and valuable nameplates. His past couple of months with the company have been eventful, with Ford unveiling the likes of the new Mustang Mach 1, the all-new F-150, and the next-generation Bronco.
“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,” said Ford executive chairman Bill Ford. “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.”
Farley is currently the chief operating officer (COO) of Ford. He joined the company in 2007 when he was assigned as the global head of Marketing and Sales. In April 2019, he was selected to lead the New Businesses, Technology & Strategy team of Ford, and was eventually appointed COO in February 2020.
“Jim Farley matches an innate feel for cars and customers with great instincts for the future and the new technologies that are changing our industry,” added Ford. “Jim’s passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future.”
“My goal when I took on the CEO role was to prepare Ford to win in the future,” said Hackett. “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.”
Hackett and Farley have collaborated over the past three years in developing Ford’s ‘Creating Tomorrow Together’ plan. Hackett realizes that it is the right time for his successor to take over.
“I have worked side-by-side with Jim Farley for the past three years and have the greatest confidence in him as a person and a leader,” Hackett added. “He has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world.”
After stepping down from his post, Hacket will continue working with Ford as a special advisor until March 2021.
“I love Ford and I am honored by the opportunity to serve and create value for Ford’s employees, customers, dealers, communities and all of our stakeholders,” Farley concluded. “Jim Hackett has laid the foundation for a really vibrant future and we have made tremendous progress in the past three years. I am so excited to work together with the whole Ford team to realize the full potential of this great company in a new era.”