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Non-Tech : FORD (NYSE:F)

F 13.69

-0.9%

1:47 PM EST

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From: Sr K	8/4/2020 7:13:31 PM
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5:55 PM 8/4/2020 From WSJ Ford Motor Co. plans to install Chief Operating Officer Jim Farley as its new CEO, putting the onus on the 58-year-old executive to produce the tangible results that eluded his predecessor Jim Hackett during a three-year run in the top job. The company said Mr. Farley will succeed Mr. Hackett, 65, who is retiring on Oct. 1. Mr. Hackett will remain in an advisory role through next spring, the company said. During his tenure, Mr. Hackett brought to Ford a management style more akin to Silicon Valley than Detroit, emphasizing faster decision-making and a “design-thinking” ethos that some insiders say helped spawn some well-received vehicles. But his efforts weren’t enough to lift the company’s bottom line or share price, which sank 40% during his time as CEO. Mr. Farley will be under pressure to quickly build on what he called a strong foundation left by his predecessor. He inherits a company that was already struggling to revamp its money-losing overseas operations when the coronavirus pandemic forced auto makers to shut down their factories, sending Ford scrambling to borrow money as it burned through billions of dollars in cash. Ford’s factories have recovered nearly to prepandemic levels, and the company last week signaled a third-quarter profit.

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