Change of boss at the top of the Ford group – for the second time in a good three years. The American auto giant is undergoing profound restructuring.
DThe troubled American auto giant Ford is reorganizing its top management for the second time in a good three years. The company announced on Tuesday that CEO Jim Hackett (65), who has only been in office since May 2017, is stepping down. With effect from October 1st, top manager Jim Farley (58), who is currently responsible for day-to-day business on the board, was promoted to succeed.
The former head of Europe, Farley, had long been considered the Crown Prince. He was appointed Chief Operating Officer in March and was responsible for all global markets, the automotive business and the topics of new mobility and autonomous driving. Farley comes to the top of the group at a difficult time, as Ford is still in the middle of realignment. Like other automakers, Ford is also operating in the deep red in the Corona crisis.
The change in personnel shows how difficult Ford is still with the change in the automotive industry from classic sheet metal bending to future technologies such as autonomous driving and electromobility. The group is undergoing a profound restructuring, Hackett actually started out as a major modernizer. Like his predecessor Mark Fields, he left the top post after only three years.
For the next few months, Ford sees itself well equipped to survive the crisis thanks to its robust liquidity and is relying on models such as the newly launched bestseller F-150 and the SUV Ford Bronco for sales. For the current third quarter, the outgoing CEO Hackett has promised a pre-tax profit of between half a billion and 1.5 billion dollars, to which further savings should also contribute. For the fourth quarter, when Farley takes over the helm, the board expects a loss.