Ford Motor Co. will promote Jim Farley to CEO 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 after the botched launch of the Ford Explorer SUV. Ford’s stock was slumping under Hackett, 65, before the coronavirus pandemic exacerbated the second-largest U.S. automaker’s woes.