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Ford CEO Jim Hackett to step down

Discussion in 'Road Side Pub' started by VRYALT3R3D, Aug 4, 2020.

  1. VRYALT3R3D

    VRYALT3R3D Well-Known Member Established Member

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    Ford CEO Jim Hackett is stepping down effective Oct. 1 as the automaker's turnaround plan has shown no signs of appeasing investors.

    Shares rose over 3 percent on the announcement.

    Hackett will be replaced by chief operating officer Jim Farley, who oversees the automaker’s global operations and has been behind recent product revamps including the relaunch of the Ford Bronco. Farley and Hackett will work closely over the next two months to ensure a smooth transition.


    "I am very grateful to Jim Hackett for all he has done to modernize Ford and prepare us to compete and win in the future,” executive chairman Bill Ford said in a statement. "Jim Farley matches an innate feel for cars and customers with great instincts for the future and the new technologies that are changing our industry.”



    Hackett, whose departures comes after more than three years at the helm of the company, engineered the companies push into the smart vehicle space. He will stay on as a special adviser through March 2021.

    Hackett joined Ford’s board of directors in 2013 and was named chairman of Ford Smart Mobility in March 2016, just over two years after retiring as CEO of office furniture manufacturer Steelcase.

    In May 2019, Hackett announced a restructuring plan that eliminated 7,000 salaried jobs, or about 10 percent of the global workforce, and saved the company $600 million annually. But the plan has done little to restore investor confidence. The company's credit rating was downgraded to junk in September amid doubts over the turnaround plan.


    Shares slumped 39.7 percent under Hackett's leadership, according to Dow Jones Market Data. They were down more than 28 percent this year, compared to the S&P 500's 1.98 percent gain.


    Ford CEO Jim Hackett to step down
     
  2. Silverstrike

    Silverstrike It's to big to move FAST! Established Member

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    Still need to be totally out as I don't want this IKEA salesman anywhere in the pipeline and being an adviser just gives him an excuse to keep pulling the strings on things.
     
  3. HuntFishCobra

    HuntFishCobra Formerly MarkOPKS Premium Member Established Member

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    Just saw this too. Curious what direction they’ll go now. Hopefully more Godzilla and less electric, so to speak
     
    me32 likes this.
  4. DBK

    DBK Re-retired Established Member

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    3 years of total, unmitigated disaster punctuated by often dishonorable conduct.

    Thank God it's over.
     
  5. 10fore

    10fore Active Member Established Member

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    Good riddance, clown! It looks like 2020 has finally blessed us with good news, for once.
     
  6. 04MysticCobra

    04MysticCobra Well-Known Member Established Member

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    About time. But who is around to turn this Hackett job around.
     
    PhoenixM3 likes this.
  7. 13COBRA

    13COBRA Resident Ford Dealer Premium Member Established Member

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    Thank God.

    They need to bring Alan back for a 3 year stint.
     
    me32, RedVenom48, Lambeau and 9 others like this.
  8. blk02edge

    blk02edge Well-Known Member Established Member

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    First step take the mustang out of Mach-E please
     
    BLOWN9646, Shaneyusa, me32 and 4 others like this.
  9. SID297

    SID297 OWNER/ADMIN Staff Member Administrator

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    The Jims finally got what he wanted.
     
  10. Blk04L

    Blk04L . . . Premium Member Established Member

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    Will Farley be an improvement?
     
  11. IA Shelby

    IA Shelby Well-Known Member Established Member

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    Would be interested to see what Ford Insiders think of Jim Farley....

    I know what I have heard but since I don’t know him personally I will stop short of publishing that opinion.
     
  12. DBK

    DBK Re-retired Established Member

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    A dead raccoon hit by a semi would be an improvement. Believe me, now that homeboy is gone you're gonna hear some insane shit about how woefully unqualified he was for the job.
     
    me32, lilcoop03, Lambeau and 11 others like this.
  13. 04MysticCobra

    04MysticCobra Well-Known Member Established Member

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    If Alan Mullally is still a director at Alphabet some one at Ford needs to go drag his ass back to Detroit with some big cash.
     
    me32, RedVenom48 and offroadkarter like this.
  14. gimmie11s

    gimmie11s Don’t be an idiot Established Member

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    Good Riddance!!

    Maybe, just maybe Ford can get back to producing vehicles that will be sold to the public.
     
    04MysticCobra likes this.
  15. DAVESVT2000

    DAVESVT2000 Well-Known Member Established Member

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    Isn’t Farley an even more intense financial guy though ?

    is he willing to continue funding the mustang and ford performance brands ?
     
    98 svt and 04MysticCobra like this.
  16. SSSSSSSSSSSSVT

    SSSSSSSSSSSSVT Well-Known Member Established Member

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    I think you mean vehicles that the public wants and can afford.

    If I was choosing the replacement the first step would be to play “Is this a Mustang?” where I show flash cards with trucks, actual mustangs and SUVs. If you can’t tell me which one is a Mustang you don’t qualify.
     
    RedVenom48 likes this.
  17. DBK

    DBK Re-retired Established Member

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    Farley inspires a lot of takes. I'll say that.

    What I will also say is that he has owned and vintage raced an original GT40. His qualifications for the car business rise above the level of "once recommended lowering the height of the cubicle."
     
    me32, lilcoop03, Lambeau and 5 others like this.
  18. HuntFishCobra

    HuntFishCobra Formerly MarkOPKS Premium Member Established Member

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    I’m still really surprised I didn’t get the call this time around
     
    Relaxed Chaos likes this.
  19. Fat Boss

    Fat Boss Well-Known Member Established Member

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    Great move by Ford. Farley is truly an enthusiast. He even vintage races his Cobra at Laguna Seca at the historics.
     
    PhoenixM3 and Blk04L like this.
  20. SID297

    SID297 OWNER/ADMIN Staff Member Administrator

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