DETROIT (AP) - Jim Farley will lead Ford Motor Co. into the future as the global auto industry faces a new era of autonomous and electric vehicles.
The company named Farley, 58, as its new CEO effective Oct. 1, replacing Jim Hackett, who will retire after three years at the helm. Farley, who has been with Ford for more than a decade, had been chief operating officer since February and was being groomed for the top position.
He faces tough challenges as the industry emerges from the coronavirus pandemic. Ford is losing money and is transitioning from an aging model lineup to new vehicles, including those powered by electricity. It's also in the midst of an $11 billion restructuring plan to cut costs and bureaucracy and make money off its autonomous vehicle unit.
Executive Chairman Bill Ford, great-grandson of founder Henry Ford, said the board briefly discussed looking outside for a CEO but was inspired by Farley's leadership and felt the company is moving in the right direction.
As COO, Farley led the company's global markets and product development. He was in charge as Ford rolled out a revamped F-150 pickup - the country's best-selling vehicle - the new Bronco off-road SUV brand and the electric Mustang Mach-E SUV.