Ford Motor Company today announced that Jim Hackett, 65, CEO since 22 May 2017, plans to retire from the company. Jim Farley COO, 58, has been named the company’s new president and CEO and will join the board of directors, effective 1 October.
Under Hackett, Ford Motor has had a rough off-road ride during the move to smart vehicles that confused industrial companies confronted with a new world order consisting of Amazon, Apple, Tesla, Toyota and many others. Ford to this day continues to restructure operations and tweak the product lineup with mixed results. (Volkswagen Joins Ford by Investing in Argo AI, Carvana Launches First Vending Machine in California)
It has been an unsettling journey for shareholders, too, with Ford stock moving from ~$11 share to under $7 a share during the last three years. Hackett is notable though for undertaking a monumental task – results still unknow of – of creating a new Ford culture comfortable with external change while embracing internal reforms needed to respond to them. (Ford Motor Q2- Sales Drop -53%. Debt Grows $10B, Ford Motor Maxes Out Lines of Credit, Ford Posts Weak Q4 Earnings Losing $1.7 Billion, Weak Ford 2018 Financial Results Prove Need for Shakeup) Continue reading