- Push-out Score determined
- After less than three and a half years in the position
- Praise and thanks for Hackett
- Jim Farley taking over
- Hackett spoke at length and said 137 words
(exechange) — Dearborn, Michigan, August 4, 2020 — Jim Hackett, chief executive of Ford, leaves his position. As announced by Ford Motor Co. in a news release and in a regulatory filing published on Tuesday, August 4, 2020, James P. (Jim) Hackett leaves his post as chief executive officer at the automaker after less than three and a half years in the role, effective October 1, 2020.
Hackett leaves the company effective March 31, 2021.
Jim Hackett’s duties as CEO will be taken over by James D. (Jim) Farley, currently chief operating officer of Ford Motor Co.
“Time is right”
Jim Hackett’s departure from the CEO post is explained as follows. Ford said: “Hackett, who will continue as a special advisor to Ford through March of 2021, said the time is right to pass the mantle of leadership to Jim Farley.”
Precise information regarding Jim Hackett’s future plans was not immediately available.
“Retire”
Ford said: “Jim Hackett, who has led the company’s transformation since 2017, plans to retire from the company.”
Ford further said: “James P. Hackett will retire from the Company effective March 31, 2021, and has resigned from the Board of Directors, effective October 1, 2020. Mr. Hackett will serve as Advisor to the Company and report to the Executive Chairman from October 1 until his retirement on March 31, 2021.”
Share price decline
The announcement follows a decline in Ford Motor Co.’s share price of 40% since May 2017.
Chaired by Bill Ford
Ford Motor Co. is chaired by Bill Ford.
He served as Chief Executive Officer of the Company from October 2001 until September 2006 when he became Executive Chairman.
In the position of CEO since 2017
Jim Hackett became CEO of the Company in 2017.
Hackett was elected President and Chief Executive Officer of Ford Motor Company in May 2017.
Since March 2016, Hackett served as Chairman of Ford Smart Mobility LLC, a subsidiary of Ford formed to accelerate the Company’s plans to design, build, grow, and invest in emerging mobility services.
Prior to joining Ford Smart Mobility, Hackett was a member of the Ford Motor Company Board of Directors starting in 2013. As a member of the Sustainability and Innovation Committee, he was actively involved with the Ford senior leadership team in launching the Company’s Ford Smart Mobility plan.
He also served on the Audit and the Nominating and Governance Committees.
Hackett was vice chairman of Steelcase, a global leader in the office furniture industry, from 2014 to 2015.
He retired as Chief Executive Officer of Steelcase in February 2014, after having spent 20 years leading the Grand Rapids-based office furniture company.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Ford and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 32.2020 ($).