Hackett to retire 1 October, Jim Farley to become CEOFrom the sites Ford banned? and some commentary:
Ford CEO Jim Hackett Is Out
Ford CEO Jim Hackett is retiring, the company announced today. He will be succeeded by Jim Farley, the company's COO, on October 1, in a succession that seems a little earlier than expected.
Farley, 58, was elevated to COO in February. Many assumed then that it was a precursor to his eventual elevation to the top job. I don't think many thought it would be this soon.
https://jalopnik.com/ford-ceo-jim-hackett-is-out-1844604414
mdensch:
Agreed. Fields was a car guy, he got it and had a passion for it. I honestly don't think Hackett ever understood that the company he headed made products people feeling deeply about. Cars aren't file cabinets.
AnalogMan:
This was inevitable. He was given one and only one mandate from the Ford family: jack up the stock price. As much as possible, as quickly as possible, doing whatever it took. He didn't do that. Ford's stock price is down about 50% over the past year, and is half of what it was when he got the job. I'm surprised they gave him as much time as they did. But then, it's because he's a personal friend of Bill Ford Jr., which is why he got picked for the job in the first place.
Maybe this is one of those times when the stock market knew what it was doing, and saw through his charade of cutting employees, cutting products (like eliminating cars from the US market), and name games with the Mustang Mach-E. What company has ever shrunk to greatness? This is what happens when you take someone whose experience was selling metal office furniture and make them CEO of a car company. It's a little more complicated to build and successfully sell cars than desks and filing cabinets.
I don't know if Farley will be any better. I'm sure he has the same single objective the Ford family gave to Hackett - get the stock price up. Fast.
Ford will be sold within two years. Maybe sooner. The buyer will be either VW (most likely) or BMW. The Ford family wants out of the car business, and the higher the stock price, the more money they'll make on the deal.
8
AnalogMan
Agreed with everything except that last paragraph not because you're wrong, I have no idea, but because this is a huge prediction that is going to take a lot to accomplish.
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And TFL:
Ford CEO Jim Hackett Announces Plan To Step Down — COO Jim Farley Will Take Over On October 1
In a surprising announcement Tuesday, three-year Ford CEO Jim Hackett will step down October 1, as the company's massive restructuring plan has so far failed to pass muster with shareholders.
https://www.tflcar.com/2020/08/ford-ceo-jim-hackett-stepping-down-news/
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Maybe Roman will get freed by Farley now? TFL is still in Ford jail it appears.Wed, 05 Aug 2020 01:33:00 +0000
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