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Ford Elevating Farley to CEO After Hackett’s Bid Falls Short

  • Jim Farley has been COO of the automaker since March
  • Ford shares slumped under Jim Hackett before the virus hit
James Farley speaks as Jim Hackett listens during an event at the Consumer Electronics Show in Las Vegas in 2018.
James Farley speaks as Jim Hackett listens during an event at the Consumer Electronics Show in Las Vegas in 2018.Photographer: David Paul Morris/Bloomberg
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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.