Jim Hackett, the CEO & President of the giant automaker, Ford Motor will unexpectedly retire in the midst of an $11 billion restructuring plan that has failed to impress Wall Street and investors.
At the age of 65, Jim Hackett will be succeeded by his heir apparent, Jim Farley on October 1, who is currently working as a chief operating officer at Ford. According to the company, Jim Farley will work with Hackett on a smooth leadership transition over the next two months.
This new leadership shakeup will make Jim Farley the fourth CEO of the Ford Motor. Interestingly, after this development, the shares of Ford Motor is jumped more than 3% during premarket trading Tuesday.
According to the people familiar with this matter, since the beginning as CEO in May 2017, Jim Hackett has not done enough to create confidence in the Ford Motor on Wall Street.
Meantime, Company issued a statement and said;
“Under Hackett, Ford moved aggressively into the new era of smart vehicles and drove a deeper focus on customers’ wants and needs. At the same time, Ford improved the fitness of the base business — restructuring operations, invigorating the product portfolio, and reducing bureaucracy.”