Hot topics | Coronavirus pandemic

Ford CEO Jim Hackett To Step Down

Ford CEO Jim Hackett To Step Down

Chief Executive Officer of the American automaker Ford Motor Co. Jim Hackett will leave his post after about three years in this position.

According to the company, Hackett will remain at Ford in the role of "special adviser" until the end of March 2021.

Chief operating officer Jim Farley, who moved to Ford from Toyota in 2007, has been appointed as the new CEO and President of the company, a decision that takes effect on October 1. He will also join the company's Board of Directors.

Farley will become the fourth Chief Executive of Ford since the global financial crisis of 2008-2009, during which the automaker was on the verge of bankruptcy, CNBC writes.

Ford shares are up 2.6% in Tuesday trading.