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Ford Names Jim Farley New President & CEO

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Ford Motor Company (F) announced that Jim Hackett plans to retire as President and CEO. He will continue as a special advisor to the company through March of 2021. The company has named Jim Farley as new president and CEO. He will join the board of directors, effective Oct. 1.

Farley joined Ford in 2007 as global head of Marketing and Sales. In April 2019, he was selected to lead Ford's New Businesses, Technology & Strategy team. Farley was named chief operating officer in February, 2020.

"Jim has been instrumental in crafting our new product portfolio and redesigning our businesses around the world. He is also a change agent with a deep understanding of how to lead Ford in this new era defined by smart vehicles in a smart world," Hackett said.

Bill Ford, Ford's executive chairman, said: "Jim's passion for great vehicles and his intense drive for results are well known, and I have also seen him develop into a transformational leader with the determination and foresight to help Ford thrive into the future."

Ford said Hackett and Farley will work together on a smooth leadership transition over the next two months.

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