Ford’s CEO Jim Hackett is out, Jim Farley takes over

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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. 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 a decade ago. Ford shares jumped nearly 3% following the announcement Tuesday, but gave up about half the day’s gains by afternoon trading.

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It's about time, Hackett was running Ford into the ground. This is a much needed change.
 

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