August 4, 2020—Ford CEO and President Jim Hackett plans to retire from the company, according to a Ford press release.
According to the release, Hackett, who has led as the company's CEO and president since 2017, will be succeeded by the company's current COO, Jim Farley.
Hackett, 65, and Farley, 58, will work closely together over the next two months for a smooth leadership transition.
Under Hackett, Ford was able to move into the new era of smart vehicles, according to the release, with the production of the Mustang Mach-E, the new F-150, and the new set of Broncos.
Farley has been with Ford since 2007 as the global head of marketing and sales. In April 2019, Farley was chosen to lead For'd New Businesses, Technology, and Strategy team.
Hackett will continue as a special advisor to Ford through March 2021.
Image: Ford Motor Co.
