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Jim Hackett

Jim Farley Appointed Ford President and CEO

August 5, 2020 by admin 3 Comments

James D. (Jim) Farley, Jr., is the Ford Motor Company’s next President and CEO, and much of the automotive media could not be more pleased. Farley, who left Toyota for Ford in 2007, has proven his mettle in a variety of positions, including as the one-time head of the Lincoln brand. He will succeed Jim Hackett who will step down on Oct. 1, but remain in an advisory capacity until spring 2021.

From Cars to Trucks and Utility Vehicles

Jim Farley, Ford executive.

Farley’s ascendancy comes as Ford transitions away from cars to an almost full utility vehicle and truck fleet, at least in the United States. Hackett was responsible for pulling the plug on several Ford and Lincoln cars, including the Focus RS, Fiesta ST, Fusion, and Taurus, as well as the Lincoln MKZ and Continental. That controversial decision upset not a few fans; Farley, of course, might reverse course or at least bring back a few niche models to fill out the product line.

Nevertheless, Ford is on the verge of releasing its Mustang Mach-E electric SUV and will soon roll out the next-generation F-150, its most popular model. Later this year, the Bronco Sport crossover arrives, followed by two- and four-door versions of the Bronco SUV in early 2021. The Bronco is expected to carve a niche in a segment dominated by the Jeep Wrangler.

Hackett, Stock Value and Profitability

Hackett came to Ford from a furniture company and has received criticism for not elevating Ford’s stock value and profitability. Regardless, Ford did make money in the second quarter, thanks largely to the profitability of its Argo AI unit. That’s opposite the trend of what most of the industry suffered in the second quarter as the global coronavirus pandemic took hold. Analysts expect Ford to make a profit of at least $500 million in the third quarter as production returns to pre-COVID-19 levels.

Farley is admired by many for his interest in vintage racing. Indeed, he owns Cobra and GT40 models that he races for that purpose. His family’s Ford roots can be traced to his grandfather who worked at the Ford River Rouge Plant beginning in 1914.

From Toyota to Lincoln to COO

Farley joined Toyota in 1990 and was responsible for rolling out the Scion brand. His other accomplishments included serving as group vice president and general manager of Lexus, where he was responsible for all sales, marketing and customer satisfaction activities. He also held a VP position with the Toyota brand.

In 2007, Ford hired Farley as group vice president, global marketing and Canada, Mexico and South America. Later, he oversaw operations for that same region. In 2010, Farley was appointed to lead global marketing sales and services. He had additional stints at Lincoln, including overseeing the brand’s launch in China and served as executive vice president and president, Ford Europe, Middle East and Africa. At present, Farley is the company’s Chief Operating Officer and represents Ford on the U.S. China Business Council Board of Directors.

Looking Ahead

Farley’s ascendancy comes as little surprise to industry analysts who have witnessed his grooming for the position early on. The upcoming CEO’s resume may be one of the best in the industry, thus his movement to the top tier of the Ford conglomerate is a natural next step.

His being a car guy is an attribute that should bode well for Ford. Like Akio Toyoda, whose design and racing background has influenced Toyota tremendously (a sporty Camry and a revived GR Supra are just two examples of his imprint), Farley brings skill and panache to his new role. We can speculate what that might mean, but rest assured his guidance should have far-reaching consequences throughout the company as it attempts to balance electrification and autonomy with the vehicles customers want most.


Photo copyright the Ford Motor Company.

Filed Under: Automotive News Tagged With: CEO, Ford, Ford Motor Company, Jim Farely, Jim Hackett, Lexus, Lincoln, SCION, Toyota

Ford Management Overhaul: Fields Out, Hackett In

May 22, 2017 by admin Leave a Comment

Management shakeup at the top as stock prices slide.

Following a board meeting this past Friday, the Ford Motor Company set in motion changes to senior management confirmed only this morning.

CEO Mark Fields is out, Jim Hackett has taken his place, and three new roles for current Ford executives were announced. Also, long time Ford communications head Ray Day will retire in 2018 with Mark Truby replacing him.

Hackett is the former CEO of Steelcase, a leading office furniture company. Besides modernizing Steelcase, Hackett served as the interim athletic director at the University of Michigan, bringing venerated football coach Jim Harbaugh to Ann Arbor. That move received praise from fans and has helped reinvigorate the program.

From Board Member to Mobility Boss

Jim Hackett
Ford CEO, Jim Hackett.

Hackett joined Ford’s board of directors in 2013, later named the chairman of the newly formed Ford Smart Mobility in March 2016. Bill Ford is a fan of Hackett and the two appeared together at a news conference this morning at Ford’s Dearborn headquarters to discuss the changes.

These changes mean Mark Field has retired, following a distinguished 28-year career at Ford. Fields, now retired, succeeded Alan Mulally as the company’s president in CEO beginning in July 2014. Prior to that, he served as the company’s chief operating officer, executive vice president, and chairman of the automaker’s Premier Automotive Group. Early on he ran marketing and sales for Ford’s former Mazda subsidiary and also managed Ford’s Argentina operation.

In Mulally’s Steps

But Fields came in behind Mulally, who has been widely credited with saving Ford from bankruptcy. Unlike its chief US competitors GM and Chrysler, Ford had a large cash fund in place when the market nosedived in 2008. Essentially, Mulally hocked the house to create Ford’s war chest. That debt has since been paid off.

Mulally also instituted the company’s “One Ford” policy, where the automaker began offering its products globally instead of regionally. Thus, the European Ford Focus came to the US market, while the Mustang sports car’s range extended to new markets, including Europe. Today, more than 100 markets offer the Ford Mustang.

To his credit, Fields oversaw record profits and operating margins over the past few years. For instance, the company made a record $2.5 billion net profit in the first quarter of 2016 — more profit than any quarter in Ford’s now 114-year history.

But profits are only one indicator of corporate success. Unfortunately, Ford’s stock price has fallen by 40 percent under Fields. At the most recent annual shareholder meeting earlier this month, shareholders pressed Fields and Chairman Bill Ford to explain why shares have plummeted. Further aggravating shareholders were the strong bonuses awarded to Fields and other executives as share prices tumbled. Clearly, shareholder disgruntlement and board angst led to the changes we learned about today.

Three Appointments Effective June 1

Besides Hackett stepping in, Ford announced three other personnel changes effective June 1.

Firstly, Jim Farley is now the executive vice president and president of Global Markets, overseeing Ford’s business units in much of the world. In addition, Farley will oversee the Lincoln Motor Company along with global marketing sales and services.

Secondly, Joe Hinrichs is appointed executive vice president and president of Global Operations. This means Hinrichs will oversee the company’s product development, manufacturing and labor affairs, quality, purchasing, and sustainability efforts, along with environmental and safety engineering.

Thirdly, Marcy Klevorn is now the executive vice president and president of Ford Smart Mobility LLC, replacing Hackett. The subsidiary was formed to accelerate the company’s plans to design, build, grow and invest in emerging mobility service along with advancing changes to Information Technology and Global Data.

“We are fortunate to have three dynamic and talented leaders in Jim Farley, Joe Hinrichs and Marcy Klevorn taking on greater responsibility,” Bill Ford said. “Each has a track record of driving innovation, cost efficiency and delivering results around the world. They will work closely with Jim Hackett to lead Ford’s day-to-day operations, build our brand and capitalize on emerging opportunities.”

Three Priorities

Hackett and Bill Ford will focus on three priorities moving forward, defining these as:

1), sharpening operational execution,

2), modernizing Ford’s business, and

3), transforming the company to meet future challenges.

Besides the immediate challenges of convincing Wall Street to boost Ford stock, the automaker must also face a tightening market. US sales are down year to date as analysts indicate peak sales were reached in 2017.

Like its competitors, Ford must exercise discipline and avoid deep discounting, what can only hurt its bottom line.


See Also —- Ford Investment Gives Donald Trump Something to Crow About…or Not

Photo courtesy of the Ford Motor Company.

Filed Under: Automotive News Tagged With: Alan Mulally, Bill Ford, executives, Ford, Ford Mobility, Ford Motor Company, Jim Farley, Jim Hackett, Joe Hinrichs, MARK FIELDS, shareholders

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