Ford To Be Lead by Jim Farley as New CEO from October 1st

The American auto giant  Ford has struggled in recent years and is within the midst of an $11 billion restructuring plan designed to form it leaner and grind out new vehicles to exchange what was an ageing model lineup.

As COO, the 58-year-old Jim Farley led Ford's global markets and merchandise development. He was responsible as Ford unrolled a revamped F-150 pickup, the new Bronco off-road SUV brand and therefore the electric Mustang Mach-E SUV.

Farley was hired faraway from Toyota by then-CEO Alan Mulally in November of 2007 to run Ford's marketing operations.

The 65-year-old Jim Hackett took over for the ousted Mark Fields in May of 2017. Soon he began reviewing Ford's management structure and flattened the organization so it could move faster. But his often lengthy directives confused employees who weren't clear on where the corporate was headed.

Hackett, a retired Steelcase CEO who had run Ford's mobility efforts, will stay as an adviser to Farley through March of 2021.

Ford Executive Chairman Bill Ford, the great-grandson of company founder Ford, praised Hackett for modernising the corporate and reducing bureaucracy.

"We now have compelling plans for electric and autonomous vehicles, also as full vehicle connectivity. and that we are getting far more nimble," Ford said. He cited Ford's quick shift to form ventilators, face shields and other protective equipment to assist alleviate shortages at the beginning of the coronavirus pandemic.

Just after the change was announced Tuesday morning, Ford shares rose 2% to USD 6.84 in premarket trading.