Autos

Ford CEO Jim Hackett to retire as stock lags, automaker taps Jim Farley

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Ford Motor CEO and President Jim Hackett will unexpectedly retire in the midst of an $11 billion restructuring plan that has failed to impress Wall Street and investors.

Hackett, 65, will be succeeded by his heir apparent, Jim Farley, Ford’s chief operating officer, effective Oct 1. Farley, 58, will work with Hackett on a “smooth leadership transition over the next two months,” according to the company.

The leadership shakeup will make Farley the fourth CEO of the automaker since the Great Recession, which nearly bankrupted the automaker. Ford shares jumped more than 3% during premarket trading Tuesday following the announcement.

Since beginning to lead Ford in May 2017, Hackett, a former…



Source cnbc.com

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