Ford CEO’s Exit Will Make Way for an Heir Who Bleeds Blue
- Hackett says Farley proved himself in midst of pandemic
- For the grandson of employee No. 389, promotion is personal
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Ford Motor Co. Chief Executive Officer Jim Hackett knew it was time to retire -- again -- when he watched his heir apparent rise to the occasion of a global pandemic that the carmaker thought would lead to a $5 billion quarterly loss.
The former office-furniture executive stepped back into a CEO role at the begging of Executive Chairman Bill Ford but had struggled through a stormy tenure at the second-largest U.S. automaker. As Hackett watched Chief Operating Officer Jim Farley shave more than $3 billion off the deficit Ford had been expecting, he realized it was time to leave.