August 11, 2020

CNBC: Ford’s Jim Hackett is out as CEO, to be succeeded by Jim Farley as restructuring plan fails to reignite stock

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https://www.cnbc.com/2020/08/04/ford-ceo-jim-hackett-to-retire-as-stock-lags-automaker-taps-jim-farley.html

Ford's Jim Hackett is out as CEO, to be succeeded by Jim Farley as restructuring plan fails to reignite stock

2020-08-04 00:00:00, Michael Wayland, CNBC

Content Categorization
/Business & Industrial
/News/Business News

Word Count:
740

Words/Sentence:
22

Reading Time:
7.40 min

Reading Quality:
Advanced

Readability:
16th or higher

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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 investors.

Also see: How incoming Ford CEO Jim Farley expects to woo Wall StreetThe leadership shakeup will make Farley the fourth CEO of the automaker since the Great Recession, which nearly bankrupted the automaker a decade ago.

Since beginning to lead Ford in May 2017, Hackett, a former CEO of furniture company Steelcase, has done little to create confidence in the automaker on Wall Street – a reason his predecessor, Mark Fields, was ousted after a less than three-year tenure.

Hackett has been criticized for his lack of transparency and leadership and for the execution of his multiyear restructuring plan that aimed to increase profitability by focusing on core products and all-electric and autonomous vehicles."

Hackett, 65, will be succeeded by his heir apparent, Jim Farley, Ford's chief operating officer, effective Oct 1.

Keywords
Ford Motor Co, Transportation, business news, Business, Autos, James Hackett, Breaking News: Business

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