Ford Motor Co. said it will promote Jim Farley to chief executive officer on Oct. 1 to replace Jim Hackett, who has elected to retire after his three-year bid to turn around the automaker failed to gain traction.
Farley, 58, became chief operating officer in March when his main internal rival was ousted following the botched launch of the Explorer sport-utility vehicle. Ford’s stock was routed under Hackett, 65, before the coronavirus pandemic exacerbated the second-largest U.S. automaker’s woes.
