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Ford Shares Hit 10-Year Low, But CEO Hackett Has Chairman’s Ear

  • Jim Hackett retains Executive Chairman Bill Ford’s backing
  • Soon-to-be COO moving quickly to shake up struggling carmaker
Bill Ford, left, with Jim Hackett.
Bill Ford, left, with Jim Hackett.Photographer: Patrick T. Fallon/Bloomberg
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Days after another dismal earnings report, Ford Motor Co. Chief Executive Officer Jim Hackett sent a blunt message during an internal town hall: I’m not going anywhere.

If there were any doubts in the crowd about that statement, Hackett underscored it by discussing the early retirement of Joe Hinrichs, a Ford president whom many had seen as a potential successor to the CEO. The comment was a surprising display of force from a man who had just overseen another disappointing quarter that deepened the sell-off in Ford stock during his almost three-year tenure. The reason for such confidence: Hackett, 64, retains the backing of Executive Chairman Bill Ford.