Hackett to step down from Ford
Ford has announced that chief executive Jim Hackett will step down in October. Current chief operating officer Jim Farley will replace him.
Hackett became CEO in 2017 when he took over from Mark Fields, and led a massive restructuring programme that cost the company $11bn but is intended to save the company $25bn.
He has also been instrumental in the alliance with Volkswagen that will see the two collaborate on trucks, vans, autonomous vehicles and electric vehicles.
Meanwhile, Farley has been with Ford for more than a decade after joining from Toyota.
He said: “We know our competition today is Amazon, Baidu, Tesla, Apple, Toyota, and others. They’re well-financed and voracious companies.”
